Oil prices continued to rise as the US market opened on Thursday, extending gains for the third straight day, after data showed a drop in the US crude inventories, in addition to hopes about strong global demand after the International Monetary Fund raise its forecasts for the global growth at the highest pace since the 1970s.

US crude rose 0.5% to $59.80 a barrel, after opening at $59.48, and hit a low at $59.08, and Brent crude rose 0.5% to $63.32 a barrel, after opening at $63.01, and hit a low of $62.54.

US crude gained 0.6% yesterday, and Brent crude futures rose 0.4%, after the EIA weekly report.

The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels during the week ending April 2, while analysts forecasts a drop by 2 million barrels.

The US production fell 200K barrels last week, with a total at 10.9 million barrels per day.

The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6% at the best rate since the 1970s, from the previous forecast of 5.5%, thanks to the recovery from the Covid-19 pandemic.

The US dollar fell on Thursday, to resume its losses after taking a breather yesterday, near its 2-week low, due to a drop in the US Treasury bond yields, ahead of the Federal Reserve Chairman Jerome Powell's statements.

The dollar index fell 0.2% to 92.22 points, after opening at 92.41 points, and hit a high of 92.48 points.

The US dollar gained 0.1% yesterday, its first gain in 3 days, after earlier hitting a 2-week low at 92.13 points.

The decline comes amid improving sentiment in the market as risk appetite gets revived while US treasury yields tumble. 

10-year US treasury yields fell over 1.2% to 1.651% on track to pierce two-week lows at 1.631, after the Fed asserted it'll keep buying up bonds for a long time. 

Fed's minutes of the last meeting showed policymakers are still wary of Covid 19 risks even as the economy starts recovery, with the Fed committed to easy monetary policy until total recovery is ensured. 

At 12:30 GMT, unemployment claims for the week ending April 2 are expected down to 682 thousand from 719 thousand.

At 16:00 GMT, Federal Reserve Chairman Jerome Powell will participate in a panel discussion about the global economy at a virtual International Monetary Fund Seminar.

European stocks rose in early trading on Thursday, and hit new record highs, thanks to improved risk appetite following the US Treasury bonds drop, and prospects for the global economy this year to grow at the best pace since 1970s.

The Stoxx Europe 600 index rose 0.4% as of 11:15 GMT, and hit the highest level ever at 436.7 points, after closing lower by 0.2% yesterday on profit-taking.

The health care sector saw the largest gains in Europe today, with a jump of more than 1.1%, thanks to strong earnings expectations for most European drug companies.

 S&P 500 futures rose more than 0.2%, and hit a new record high, after the index closed higher by 0.15% yesterday after the Federal Reserve pledged to stay committed to its stimulus policies.

The US 10-year Treasury yield fell 1.6% today to 1.644%, near its 2-week low of 1.631% hit yesterday.

The Federal Reserve meeting minutes showed that the US monetary policy makers are still cautious about the risks of the pandemic, even after the US economic recovery has gained momentum thanks to massive stimulus.

The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6% at the best rate since the 1970s, from the previous forecast of 5.5%, thanks to the recovery from the Covid-19 pandemic.

Back to Europe, the Euro Stoxx 50 index rose 0.3%, France's CAC 40 rose 0.4%, and Germany's DAX index added 0.1%.

While the UK's FTSE 100 rose 0.5% and hit a 14-month high at 6,926.7 points, after the British pound fell, which benefits exporting companies.

EUR/USD rose in European trade against dollar on track to touch two-week highs as US treasury yields decline while investors buy up risky assets. 

EUR/USD rose 0.2% to 1.1892, after losing 0.1% yesterday, the first loss in three days on profit-taking away from two-week highs at 1.1915. 

The dollar index fell 0.2% on Thursday, resuming yesterday's losses and almost touching two-week lows at 92.13. 

The decline comes amid improving sentiment in the market as risk appetite gets revived while US treasury yields tumble. 

10-year US treasury yields fell over 1.2% to 1.651% on track to pierce two-week lows at 1.631, after the Fed asserted it'll keep buying up bonds for a long time. 

Fed's minutes of the last meeting showed policymakers are still wary of Covid 19 risks even as the economy starts recovery, with the Fed committed to easy monetary policy until total recovery is ensured.