Oil prices continued to rise as the US market opened on Monday, extending gains for the second straight day, as the US crude jumped above $60 for the first time in 13 months and Brent hit its 13- month peak, thanks to hopes about the US huge stimulus measures to overcome the Covid-19 pandemic.

US crude rose 2.2% to the highest level since January 2020 at $60.92 a barrel, after opening at $59.61, and hit a low of $59.61, and Brent crude rose 1.5% to the highest since January 2020 at $63.64 a barrel, after opening at $62.82, and hit a low of $62.82.

US crude rose 3% on Friday, while Brent crude futures rose 2.9%, in their first daily gain in 3 days thanks to hopes over a global economic recovery.

Oil prices gained 5% last week, in the second straight weekly gain tanks to a large draw in the US crude inventories.

The US Congress is about to pass President Joe Biden's $1.9 trillion Covid-19 relief package, as many Republican senators approved the plan.

Oil prices were lifted in recent weeks thanks to the OPEC-Plus coalition's output cuts and a recovery in demand after easing the Covid-19 lockdown restrictions, in addition to the Saudi Arabia's decision to voluntarily cut its oil production 1 million barrels per day in February and March.

Oil prices rose on Monday, extending gains for the second straight day, as the US crude jumped above $60 for the first time in 13 months, thanks to hopes about the US huge stimulus measures to overcome the Covid-19 pandemic.

US crude rose 2.2% to the highest level since January 2020 at $60.92 a barrel, after opening at $59.61, and hit a low of $59.61, and Brent crude rose 1.5% to the highest since January 2020 at $63.64 a barrel, after opening at $62.82, and hit a low of $62.82.

US crude rose 3% on Friday, while Brent crude futures rose 2.9%, in their first daily gain in 3 days thanks to hopes over a global economic recovery.

Oil prices gained 5% last week, in the second straight weekly gain tanks to a large draw in the US crude inventories.

The US Congress is about to pass President Joe Biden's $1.9 trillion Covid-19 relief package, as many Republican senators approved the plan.

Oil prices were lifted in recent weeks thanks to the OPEC-Plus coalition's output cuts and a recovery in demand after easing the Covid-19 lockdown restrictions, in addition to the Saudi Arabia's decision to voluntarily cut its oil production 1 million barrels per day in February and March.

The US dollar fell against a basket of major currencies on Monday, due to the slowing demand, and improved investors' risk appetite on hopes for a fast global economic recovery from the Covid-19 pandemic impact.

The dollar index fell 0.2% to 90.26 points, after opening at 90.44 points, and hit an intraday high at 90.46 points.

The index gained less than 0.1% on Friday, in the first daily gain out of 6 days, within recovery attempts from its 2-week low of 90.25 points.

The greenback lost nearly 0.7% last week, and posted its first weekly loss in 3 weeks, due to the slowing demand.

Sentiment improved in most global stock and bond markets, which is reflected in the European stocks jump to 1-year high, and US Wall Street jump to new records.

The market sentiment has improved thanks to hopes over the US economic recovery from the pandemic during this year thanks to the massive stimulus measures

The US Congress is about to pass President Joe Biden's $1.9 trillion Covid-19 relief package, as many Republican senators approved the plan.

US Treasury Secretary Janet Yellen urged financial leaders of the Group of Seven (G7) to add extra stimulus to boost the economic recovery from the coronavirus pandemic.

UK's Prime Minister Boris Johnson will decide in the next few days on the date of the end to the general lockdown in the country after vaccinating 15 million of British citizens.

The 10-year US Treasury bonds yield rose more than 4% on Monday, extending gains for the second straight day and hit an 11-month high of 1.218%, thanks to the US strong inflation outlook.

Silver prices rose on Monday, to extend for the second straight day, as the US dollar fell against a basket of major currencies, while demand from Singapore and Japan increased.

Silver prices rose 1.1% to $27.67 an ounce, after opening at $27.37, and hit a low of $27.35.

Silver closed higher by 1.1% on Friday, to post the first daily gain in 4, as the prices of most dollar-denominated metals rose.

Silver prices gained around 1.6% last week, in the third weekly gain in a month, as the US dollar fell.

The dollar index fell 0.2% today, and slumped near a 2-week low, which lifts the prices of dollar-denominated metals.

The greenback fell due to slowing demand and hopes over the US economic recovery from the pandemic during this year thanks to the massive stimulus measures.

Silver prices is also lifted by improved demand, especially in Singapore and Japan, and rising demand activity in India due to the volatility in gold prices.