The US dollar rose against against a basket of its peers on Monday, to continue its rally for the fourth day, and hit a 2-week high as investors continued to hoard cash amid the ongoing liquidity crunch, amid the rising concerns over the coronavirus pandemic.

The dollar index rose about 0.2% to the level of 100.85 points, the highest since March 26, and the level of opening trading today at 100.66 points, and recorded the lowest level at 100.48 points.

The dollar index rose 0.2% to the highest since March 26 at 100.85 points, after opening at 100.66 points, and hit today's low at 100.48, while it gained 0.6% on Friday, following the release of weak US jobs data.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, at the fastest pace since the 2008 financial crisis, as the coronavirus continued to cast its shadow on the US labor market.

The US dollar index has gained 2.4% during the past week, to post the third weekly gain in a month, due to high demand on the greenback amid a liquidity crunch.

Coronavirus infections rose to more than 1.2 million cases worldwide, and its death toll rose to more than 68,000 victims, leading most global governments to extend lockdown to contain its spread, which deepens the huge global economic losses.

Most experts believe the global economy will suffer a contraction more severe than the 2008/09 global financial crisis.

Brent crude prices continued to drop as the US market opened on Monday, falling more than 9% and and pulled back from 3-week high, on profit-taking and renewed worries over the output cut talks between Saudi Arabia and Russia, after OPEC-Plus emergency meeting that was scheduled for today was delayed.

Brent shed 9.2% to $31.68 , after it opened at $34.89, with a high of $34.22.

Brent rose 17.25% on Friday, its second daily gain, after hitting on Thursday a 3-week high of $36.16.

During the past week, Brent gained 39%, its first weekly gain in a month and a half, and the largest of all-time.

This all-time largest weekly gain came on prospects for a deeper output cut agreement in the next emergency meeting of the OPEC-Plus coalition, after the US intervened to persuade Saudi Arabia and Russia to balance the falling prices.

However, OPEC Plus announced postponing the meeting, which renewed worries over the output cut talks between Saudi Arabia and Russia.

The global coalition ended its last meeting of March without agreement, after Moscow rejected OPEC's proposal to deepen the output cut by an additional 1.5 million bpd, leading to a price war between Saudi Arabia and Russia.

While the next meeting was scheduled for later today via a closed conference call, after President Donald Trump said yesterday that he had spoke to Saudi Crown Prince Muhammad bin Salman and discussed ways to balance the global energy market, adding that he expects Saudi Arabia and Russia to agree on cutting back about 10 to 15 million barrels per day.

The CEO of the Russian National Wealth Fund's told CNBC today that Saudi Arabia and Russia are very close to production cut agreement.

While Reuters quoted a Saudi source that Riyadh has postponed the announcement of crude export prices, to wait for the outcome of the OPEC-Plus meeting regarding possible output cuts."

Oil prices slumped more than 8% on Monday, to pullback from several week highs, on profit-taking and renewed worries over the output cut talks between Saudi Arabia and Russia, after OPEC-Plus emergency meeting that was scheduled for today was delayed, and today's losses are ebbed after US President Donald Trump threatened to impose tariffs on oil imports, in addition to a slowdown in US shale oil drilling activities.

The US crude lost 8.1% to $26.46 a barrel, after opening at $28.79, and hit a day high of $28.79, and Brent shed 9.2% to $31.68 , after it opened at $34.89, with a high of $34.22.

The US crude rose 16.50% on Friday, its third daily gain, and hit a 2-week high of $29.11, and Brent rose 17.25%, its second daily gain and a 3-week high of $36.16.

During the past week, the US crude gained 32%, and Brent Oil gained 39%, their first weekly gain in a month and a half, and the all-time largest.

Oil's all-time largest weekly gain came on prospects for a deeper output cut agreement in the next emergency meeting of the OPEC-Plus coalition, after the US intervened to persuade Saudi Arabia and Russia to balance the falling prices.

However, OPEC Plus announced postponing the meeting, which renewed worries over the output cut talks between Saudi Arabia and Russia.

The global coalition ended its last meeting of March without agreement, after Moscow rejected OPEC's proposal to deepen the output cut by an additional 1.5 million bpd, leading to a price war between Saudi Arabia and Russia.

While the next meeting was scheduled for later today via a closed conference call, after President Donald Trump said yesterday that he had spoke to Saudi Crown Prince Muhammad bin Salman and discussed ways to balance the global energy market, adding that he expects Saudi Arabia and Russia to agree on cutting back about 10 to 15 million barrels per day.

The CEO of the Russian National Wealth Fund's told CNBC today that Saudi Arabia and Russia are very close to production cut agreement.

While Reuters quoted a Saudi source that Riyadh has postponed the announcement of crude export prices, to wait for the outcome of the OPEC-Plus meeting regarding possible output cuts."

US President Donald Trump has criticized the OPEC-Plus monopoly over the oil industry, and said he will impose tariffs on crude imports if  Russia and Saudi Arabia failed to reach an agreement.

Baker Hughes revealed on Friday that the US oil drilling rigs count fell by 62 rigs during the past week, in the third straight weekly drop, and the largest since March 2015, to reach a total of 562 rig, the lowest since the week ending Jan. 20, 2017, indicating a suspension in the US production activity due to the falling prices.

European stocks surged more than 3.5% on Monday, as the market sentiment improved after signs on a slowdown in coronavirus infections in Italy, Spain and Germany, which shows that the lockdown in these countries has payed off and started to slow the pandemic. 

The Stoxx Europe 600 index rose 3.5% as of 11:05 GMT, after it closed lower by 1% on Friday, on fears over the coronavirus economic impact.

The pan European index lost 0.6% during the past week, to post its sixth weekly loss in 7 weeks, due to the coronavirus spread in Europe.

The index opened today's session higher, with most European markets and sectors seeing green today.

The automotive sector saw the largest gains in Europe today, as its stocks rose more than 6%, on upbeat news about a slowdown in the coronavirus pandemic.

According to Reuters, the coronavirus epicenter in Europe, Italy, announced on Sunday the lowest number of new infections and deaths in more than two weeks.

Additionally, Spanish Health Minister, Salvador Ella, said that the data that will be published this week, shows a slowdown in infections, as the lockdown measures have started to show signs on slowing the coronavirus.

Germany also revealed a slowdown in new infections and deaths on Sunday, for the third straight day.

S&P 500 futures rose 4%, after the index closed lower by 1.5% on Friday at Wall Street, on a weak jobs data in the US.

Back to Europe, the Euro Stoxx 50 index rose 3.7%, France's CAC 40 rose 3.5%, the German DAX jumped 4.3%, and the UK's FTSE 100 added 2.25%.