Oil rises more than 1.0% on renewed supply worries

Oil prices continued to rise as the US market opened on Monday, as the US crude headed for the third straight daily gain and Brent for its second daily gain in 3 days, due to renewed concerns about a widening global supply deficit during the fourth quarter, ahead of OPEC-Plus monthly meeting next Thursday.

US crude rose 1.1% to $84.24 a barrel, after opening at $83.28, and hit a low at $82.77, and Brent crude rose 1.2% to $84.68 a barrel, after opening at $83.71, and hit a low of $83.06.

US crude gained 0.3% on Friday, and Brent crude fell 1.1% after rising 0.6% on Thursday.

Oil prices lost 1.75% last week, the first weekly loss in two and a half months, due to corrections and profit-taking from multi-year highs.

Oil prices scored an 8.5% gain during October, the second straight monthly gain, due to concerns about a widening global supply deficit during the fourth quarter.

The OPEC-Plus monthly meeting will launch on Thursday, to review the global output cut agreement, amid expectations that the global alliance will keep the current production policy unchanged without any new supply hikes, despite the US administration pressure to raise production to lower oil prices in order to support the global economic recovery.