Oil continues to rise, Brent jumps to 3-year peak

Oil prices rose on Monday, for the fifth day in a row, as the US crude hit a 2-month peak, and Brent crude hit a 3-year high, thanks to global demand hopes, and after the OPEC-Plus supply failed to reach the planned levels during the past month.

US crude rose 1.8% to the highest since last July 14 at $75.30 a barrel, after opening at $73.96, and hit a low at $73.96, and Brent crude rose 1.9% to the highest since October 2018 at $79.50 a barrel, after opening at $78.02, and hit a low at $78.02.

The US crude gained 1% on Friday, and Brent crude rose 1.1%, in the fourth consecutive daily gain.

Oil prices gained 3.25% so far this week, the fifth weekly gain in a row, based on indications of a market deficit during the fourth quarter.

The US commercial inventories fell to nearly 3-year low, a sign of improved demand and withdrawal levels.

India's oil imports rose to a 3-month high during August, after easing the coronavirus lockdown restrictions in the world's fourth largest oil consumer.

Some members of the OPEC Plus alliance struggled to increase production to the planned levels during August and September, due to delays in maintenance and the Covid-19 crisis.