Oil prices rose on Tuesday, to head for the second straight daily gain, and hit a 7-week high, thanks to hopes of improved demand in the US and Europe as the coronavirus infections rate slowed down after a broad use of vaccination.

US crude rose 2.1% to its highest level since March 15 at $65.82 a barrel, after opening at $64.47, and hit a high at $63.67, and Brent crude rose 1.9% to the highest since March 17 at $69.02 a barrel, after opening at $67.72, and hit a high of $67.38.

US crude gained 1.6% yesterday, and Brent crude futures rose 1.5% and posted the fourth daily gain in 5 days, as most dollar-denominated commodities rose.

As the coronavirus infections rate slowed down during the recent wave, after a broad use of vaccination in most US states, officials in the states of New York, New Jersey and Connecticut are moving to ease the lockdown restrictions.

The European Union is also moving to ease the restrictions, and will open to more foreign visitors who are vaccinated.

This easing of restrictions while allowing travel for summer holidays, and increased mobility in and between major cities, will improve fuel consumption and global demand.

Oil prices continued to rise as the US market opened on Thursday, to head for the second straight daily gain, and hit a 7-week high, thanks to hopes of improved demand in the US and Europe as the coronavirus infections rate slowed down after a broad use of vaccination, and ahead of the US crude inventories data by the American Petroleum Institute.

US crude rose 2.1% to its highest level since March 15 at $65.82 a barrel, after opening at $64.47, and hit a high at $63.67, and Brent crude rose 1.9% to the highest since March 17 at $69.02 a barrel, after opening at $67.72, and hit a high of $67.38.

US crude gained 1.6% yesterday, and Brent crude futures rose 1.5% and posted the fourth daily gain in 5 days, as most dollar-denominated commodities rose.

as the coronavirus infections rate slowed down during the recent wave, after a broad use of vaccination in most US states, officials in the states of New York, New Jersey and Connecticut are moving to ease the lockdown restrictions.

The European Union is also moving to ease the restrictions, and will open to more foreign visitors who are vaccinated.

This easing of restrictions while allowing travel for summer holidays, and increased mobility in and between major cities, will improve fuel consumption and global demand.

The American Petroleum Institute will release its preliminary report on the US crude inventories, amid the US Energy Information Administration will release the official data on Wednesday.

The US dollar rose against a basket of major currencies on Thursday, to resume recover from its 2-month low, thanks to investors' risk aversion and a rebound in the US 10-year Treasury bonds.

The dollar index rose more than 0.4% to the highest since April 22 at 91.39 points, after opening at 91.00 points, and hit a low of 90.98 points.

The US dollar fell 0.4% yesterday, after weak data about the US manufacturing sector.

Federal Reserve Bank of New York President John Williams said that the US economic recovery is not sufficient for the central bank to pull back on its aggressive monetary policy support.

The 10-year US treasury yields rose more than 1% today, and rebounded from a 1-week low.

Gold prices fell on Tuesday, and pulled back from the 10-week high hit yesterday on profit-taking, while the US dollar rose against other major currencies.

Gold prices fell 0.6% to $1,781.42 an ounce, after opening at $1,792.86, and hit a low of $1,793.17.

Gold closed higher by 1.4% yesterday, and hit a 10-week high at $1,797.92 an ounce, after weak data in the US.

Federal Reserve Bank of New York President John Williams said that the US economic recovery is not sufficient for the central bank to pull back on its aggressive monetary policy support.

The dollar index rose over 0.4%, and hit a 2-week high at 91.39 points, which weighs down on demand for gold and other dollar denominated metals.

The 10-year US treasury yields rose more than 1% today, and rebounded from a 1-week low.

Gold stocks at the SPDR ETF rose 1.16 metric tonnes yesterday, the first increase since April 19, with a total at 1,018.20 metric tonnes.