Oil prices continued to rise as the US market opened on Monday, to resume gains after taking a pause on Friday on profit-taking from a 13-month high. Today's rebound comes thanks to hopes about the US stimulus measures and the latest positive updates regarding the Covid-19 vaccines.

US crude rose 2.2% to $62.90 a barrel, after opening at $61.53, and hit a low of $61.53, and Brent crude rose 2.2% to $65.90 a barrel, after opening at $64.50, and hit a low of $64.50.

US crude lost 3.0% on Friday, and Brent crude futures fell 3.9%, in their second straight daily loss on profit-taking from a 13-month high.

Oil prices gained around 17.5% during, in the fourth consecutive monthly gain, as the oversupply concerns receded after OPEC Plus compliance with the agreed supply cuts and Saudi Arabia's voluntary cut.

The US House of Representatives passed a $1.9 trillion Covid-19 relief package on Saturday, after the Democrats who control the House passed the bill by 219 votes to 212 votes, and the bill was sent to the Senate for a final vote.

The US Food and Drug Administration (FDA) approved on Saturday the emergency use of the Johnson & Johnson's Covid-19 vaccine, making it the third vaccine that will be widely used in the US.

This vaccine is taken in only a single dose, and can be stored in normal cold temperatures, which makes it easier for distribution in most parts of the world.

US officials said that initial shipments have already started on Sunday, and Johnson & Johnson expects to ship more than 20 million doses by March 30 and 100 million doses by the middle of this year.

Asian stock indices opened the first session of the week higher as bond yields decline after the recent surge, weighing on global stocks last week. 

Earlier Chinese data showed the manufacturing PMI down to 50.6 from 51.3, while the services PMI fell to 51.4 from 52.4. 

From Australia, the AIG manufacturing index rose to 58.8 from 55.3, while the MI inflation index slowed down to 0.1% from 0.2%.

Japan's manufacturing PMI rose to 51.4 from 49.9 in the preliminary reading for February, and compared to 49.8 in January.

Japan's TOPEX rose 1.71% to 1,896, while Nikkei 225 rose 2.26% to 29,621. 

China's CSI 300 rose 0.79%, while Shanghai climbed 0.52% to 3,527. 

Hong Kong's Hang Seng rose 1.18% to 29,322, while South Korea's KOSPI rallied 2.8% to 3,012. 

New Zealand's NZX 50 fell 0.04%, while Australia's S&P/ASX 200 rose 1.35% to 6,763. 

USD/JPY tilted lower in Asian trade away from August 28 highs, following earlier data from Japan and ahead of US data later today. 

As of 07:15 GMT, USD/JPY fell 0.01% to 106.55, with an intraday low at 106.37, and a seven-month peak at 106.70. 

Japan's manufacturing PMI rose to 51.4 from 49.9 in the preliminary reading for February, and compared to 49.8 in January.

From the US, Federal Reserve Bank of New York President John Williams is due to deliver opening remarks at a webinar hosted by the Federal Reserve Bank of New York.

Federal Reserve Governor Lael Brainard is due to speak about financial stability at a virtual conference hosted by the Institute of International Bankers.

Also from the US, the manufacturing PMI is expected unchanged at 58.5, while construction spending is expected up 0.7%, slowing down from 1% in December. 

The main US stock indices (except Nasdaq) fell on Friday and posted weekly losses, weighed down by the rising US Treasury bonds.

The 10-year US Treasury yield rose 1.6% today, crossing this barrier for the first time in more than a year.

US Federal Reserve Chairman Jerome Powell stressed during his semi-annual testimony before the Senate Banking Committee that employment and inflation rates are still far from the Fed's goals.

However, Powell expects an improvement this year in tandem with progress in Covid-19 vaccination.

Data revealed that the US personal consumption expenditures index rose 1.5% in January, and the personal income jumped 10%, in the largest monthly spike since April 2020.

To the oil market, WTI crude April futures fell 3.2% or $3.02, and closed at $61.50 a barrel, with a weekly gain of 3.8% and a monthly gain of 17.8%, after hitting a day high of $63.5 and a low of $61.7.

Brent April futures fell 1.1% or 75 cents, and closed at $66.13 a barrel, and posted weekly gains of 5% and monthly gains of 20%, after hitting a high of $66.9 and a low of $65.7.

As for stocks, Dow Jones fell 1.5% or 469 points, and closed at 30,932, with weekly losses of 1.8%, but posted monthly gains of 3.2%, a day high of 31,450, and a low of 30,911.

S&P 500 slipped 0.5% 18 points to 3,811, and posted a weekly loss of 2.8%, but posted a monthly gain of 2.6%, after hitting a high of 3,861 and a low of 3,789.

Nasdaq rose 0.5% or 73 points to 13,192, and registered 4.9% weekly loss, but logged a monthly gain of 0.9%, with a high of 13,368 and a low of 13,024.