Oil extends gains, Brent rises above $68

Oil prices rose on Monday, extending gains thanks to optimism over the global demand, while the US dollar fell against its peers.

Oil extended gains thanks to expectations about the gradual demand recovery and growth in many major economies around the world.

As efforts continue in controlling the Covid-19 outbreak, the US health authorities are preparing to reduce precautionary measures for vaccinated citizens.

The dollar index fell against a basket of major currencies by 0.2% to 89.8 points as of 16:30 GMT, after hitting a high of 90.1 points and a low of 89.8 points.

As of 16:30 GMT, WTI crude June futures rose 3.2% to $65.6 a barrel, with a day high of $65.7 and a low of $63.6.

Brent June futures rose 2.6% to $68.1 a barrel, after hitting a day high of $68.3 and a low of $66.4.