Oil prices turned higher as the US market opened on Monday, after falling by 2% earlier due to the near solution of the Suez Canal crisis while fears over the disruption of oil and gas supply to Europe and North America receded, in addition to rising drilling activity in the US, while prices turned up thanks to expectations of OPEC Plus to extend the current production cuts for an extra month to May.

US crude rose 1.5% to $61.74, after opening at $60.80, and hit a day low at $59.44, and Brent crude rose 1.75% to a 2-week high of $65.46, after opening at $64.34, and hit a day low at $63.16.

US crude gained 4.0% on Friday, and Brent crude futures rose 4.2%, in their second daily gain in 3 days, due to the disruption of traffic in the Suez Canal.

Oil prices lost around 0.6% last week, posting the third straight weekly loss, due to demand concerns in Europe.

The Egyptian authorities announced Monday the success of efforts to float grounded ship, as the rescue teams were able to use the high tide in the early hours today to successfully move the "Ever Given" ship by 80%, and it is expected to completely return in the early hours on Tuesday.

The giant container ship Ever Given blocked traffic in the Suez Canal, one of the world's busiest shipping channels for oil, fuel, grains and other trade between Asia and Europe.

Baker Hughes revealed on Friday that the US drilling and exploration rigs rose 6 rigs last week, to a total of 324, the highest level since the week ending May 1, 2020.

The increase in the US drilling activity boosted the US production by more than 47% since mid-2016 to a total of 13.1 million barrels per day in March 2020, and held recently around 10.9 million bpd due to the coronavirus pandemic, but the US is still the world's largest oil producer.

Reuters reported that OPEC-Plus is expected to extend the current supply cuts for an extra month until May, given the lingering demand concerns over the recent price drop

Gold prices fell on Monday, to head for the second daily second in 3 days, on weak safe-haven demand, while the US dollar rose against a basket of major currencies.

Gold prices fell 0.5% to $1,723.66 an ounce, after opening at $1,731.87, and hit a high of $1,733.12

Gold closed higher by 0.3% on Friday, as the US dollar paused while demand strengthened.

The yellow metal lost 0.75% last week, and posted the first weekly loss in 3 weeks, as investors focused on the US dollar.

The dollar index rose more than 0.2% today, to resume its rally near a 4-month high after pausing on Friday.

The greenback is being lifted by expectations of the US economic recovery during the second quarter this year.

These expectations are based on the the US government success in containing the spread of the third Covid-19 wave so far, and the success in preventing the new fast-spreading variant from entering the country, in tandem with progress in vaccination campaigns using many vaccines.

Gold stocks at the SPDR ETF fell 6.41 metric tonnes yesterday, with the total at the lowest level since April 21, 2020 at 1,036.62 metric tonnes.

Oil prices lost more than 2% on Monday, as the solution of the Suez Canal crisis draws near, and fears over the disruption of oil and gas supply to Europe and North America receded, in addition to rising drilling activity in the US.

US crude fell 2.2% to $59.44, after opening at $60.80, and hit a day high at $61.17, and Brent crude fell 1.8% to $63.16, after opening at $64.34, and hit a day high at $64.87.

US crude gained 4.0% on Friday, and Brent crude futures rose 4.2%, in their second daily gain in 3 days, due to the disruption of traffic in the Suez Canal.

Oil prices lost around 0.6% last week, posting the third straight weekly loss, due to demand concerns in Europe.

The Egyptian authorities announced Monday the success of efforts to float grounded ship, as the rescue teams were able to use the high tide in the early hours today to successfully move the "Ever Given" ship by 80%, and it is expected to completely return in the early hours on Tuesday.

The giant container ship Ever Given blocked traffic in the Suez Canal, one of the world's busiest shipping channels for oil, fuel, grains and other trade between Asia and Europe.

Baker Hughes revealed on Friday that the US drilling and exploration rigs rose 6 rigs last week, to a total of 324, the highest level since the week ending May 1, 2020.

The increase in the US drilling activity boosted the US production by more than 47% since mid-2016 to a total of 13.1 million barrels per day in March 2020, and held recently around 10.9 million bpd due to the coronavirus pandemic, but the US is still the world's largest oil producer.

USD/JPY tilted lower in Asian trade away from June 2020 highs after Bank of Japan released a report of its policy expectations, and ahead of speeches by Federal Reserve officials. 

As of 06:55 GMT, USD/JPY fell 0.18% to 109.46, with an intraday low at 109.37, and a high at 109.80.

Bank of Japan released the minutes of the March 18-19 meeting, at which it held rates at negative 10% while pledging to keep the policies easy and supportive to the economy. 

Federal Reserve Governor Christopher Waller is due to participate in a virtual panel discussion about Federal Reserve independence at an online event hosted by the Peterson Institute for International Economics.

White House spokeswoman said President Joe Biden will expand on his coronavirus recovery plan in April, focusing on healthcare and women labor participation among other issues. 

Biden's plan are partitioned into two: saving then recovery, with added focus on infrastructure spending and childcare. 

Biden is expected to present the details of his infrastructure plan in a speech soon, with Democrats suggesting up to $3 trillion of infrastructure spending.