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.

The US dollar fell against a basket of currencies on Monday, and gave up its 3-week high due to profit-taking, ahead of US manufacturing data, which provides insight on the US economic growth pace during the last quarter of the year.

The dollar index fell 0.1% to 94.06 points, after opening at 94.13 points, and hit a high and the highest since October 13 at 94.31 points.

The index gained 0.85% yesterday, the first gain in 3 days, and the largest daily gain since June 16, thanks to strong personal consumption data in the US.

The data raised the pricing of chances that the Fed will hike interest rates by a quarter basis point to 0.50% by June 2022 and reached 90%, in addition to the pricing of another hike in December 2022.

The Fed is expected to tighten its monetary policy this week and cut the bonds purchases program before moving on to hiking interest rates next year.

At 14:00 GMT, ISM Manufacturing PMI reading is expected to reach 60.4 points in October from 61.1 points in September.

European stocks rose on Monday, and hit an all-time extending gains for the third straight session, thanks to improved sentiment following Wall Street's record gains and after the release of upbeat Q4 earning reports by major European banks.

The Stoxx Europe 600 index rose 0.7% as of 10:17 GMT, and hit its all-time high at 479.62 points, after closing higher by 0.1% on Friday

The pan European index gained 0.8% last week, the fourth straight weekly gain, thanks to record gains in Wall Street.

The index gained 4.5% during October, the largest monthly gain since March, thanks to improved investors' risk appetite.

The tech sector saw the largest gains in Europe today, with a rise of more than 1.5%, as most of the sector's stocks rebounded from last session's losses.

S&P 500 futures rose 0.4% today, and hit an all-time high ahead of Wall Street's opening, after the index closed higher by 0.2% on Friday, and posted a record high of 4,608.08 points.

Back to Europe, the Euro Stoxx 50 index rose 0.75%, France's CAC 40 rose 0.9%, Germany's DAX index rose 0.9%, and the UK's FTSE 100 rose 0.5%.

Silver prices rose on Monday, within recovery from a 1-week low hit last week, as the US dollar fell against its peers.

Silver prices rose more than 0.5% to $23.92, after opening at $23.79, and hit a low at $23.74.

Silver closed lower by 0.75% on Friday, and hit a 1-week low of $23.65 an ounce, after strong personal consumption data in the US.

Silver prices lost 1.5% last week, the first weekly loss in a month and a half, due to corrections and profit-taking, and renewed concerns about the Chinese economy.

The dollar index fell 0.1% against a basket of major rivals today, and pulled back from a 3-week high of 94.31 point, which lifts dollar-denominated metals prices.

The Fed is expected to tighten its monetary policy this week and cut the bonds purchases program before moving on to hiking interest rates next year.