The Institute for Supply Management (ISM) revealed that the US manufacturing activity index was slightly improved during May.

The ISM manufacturing PMI rose to 43.1 points in May from 41.5 points in April.

This came as the US continued its economic reopening measures in all the 50 states after months of closure due to the coronavirus pandemic.

Copper futures rose on Monday, amid expectations for the Chinese government to pump extra fiscal and monetary stimulus.

This came despite the escalating US-China tensions over the new Hong Kong's national security legislation, and Washington's accusations of Beijing mishandling the coronavirus outbreak, which resulted in the global crisis.

Bank of America forecast copper prices will rise 5.4% to $5,621 per tonne in 2020 and will rise to $6,250 next year.

The dollar index fell against a basket of currencies by 0.2% to 98.1 points as of 13:28 GMT, after it hit a high of 98.3 and a low of 97.8.

Copper July futures rose 0.1% to $2.42 per pound as of 13:22 GMT, after hitting a session-high of $2.46 and a low of $2.42.

Most of the US stock indices tilted lower on Monday, in the first session of June, as markets focus on the coronavirus latest developments and the escalation of the US-China tensions.

Following Washington's criticism and sanctions China, in addition to waving the tariffs card, reports cited that Beijing has ordered its state-owned companies to stop importing some US farm goods.

This came after Chinese government implemented the new Hong Kong's national security legislation, which was met by the US ending its special relationship with Hong Kong in trade, economy and politics.

Despite a lower rate of daily coronavirus deaths in the US, officials are still worried that the crisis has not receded yet.

As for stocks, Dow Jones slipped less than 0.1% or 12 points to 25,370 as of 14:00 GMT, and S&P 500 fell less than 0.1% or 3 points to 3,041, while Nasdaq rose 0.1% or 18 points to 9,508.

Oil prices rose on Monday for the third day in a row, hitting a 3-month high, as fears eased about the tensions between the US and China over Hong Kong, in addition to expectations for a sharp drop in OPEC output during June and the US drilling activities drop to the lowest since 2009.

The US crude rose 1.9% to the highest since March 11 at $35.19 a barrel, after it opened at $35.19, and hit an intraday low of $34.78, and Brent crude rose 1.8% to the highest since March 11 at $38.28 a barrel, after it opened at $37.60, and hit a low of $37.34.

The US crude gained 4.5% and Brent July futures gained 6.5% on Friday, posting the second daily gain, after President Donald Trump's remarks on Hong Kong.

The US crude gained 85% during May, its largest monthly gain ever, and Brent also gained 41%, its largest monthly gain since September 1990.

These record gains came thanks to hopes about a quick market balance, on strong signs about the recovery of the global demand, and the OPEC-Plus production cut agreement.

President Donald Trump announced sanctions on some Chinese officials during his last press conference about the Hong Kong crisis on Friday, and directed his administration to end the special trade relationship with Hong Kong.

Trump did not mention the US trade relations with China or threatened to impose new tariffs, which eased market's fears of renewed tensions between the world's two largest economies.

Most experts expect a significant drop in OPEC output this month, especially after several members pledged to voluntarily cut production.

Saudi Arabia has confirmed that it will cut its oil production starting from June by 1 million barrels per day in addition to its share in the OPEC-Plus cut agreement, which is around 40% of the total Saudi production to reach 7.5 million bpd.

The comes in Saudi Arabia's aims to speed up the market balancing and to stop the falling prices, in addition to the United Arab Emirates and Kuwait, pledges to cut their output further by 180,000 barrels per day.

Official data for "Baker Hughes" oil services company showed on Friday that the American drilling and drilling platforms "last week" decreased by 15 platforms, in the eleventh decline in a week, respectively.

Baker Hughes revealed on Friday that the US oil drilling rigs count fell by 15 rigs during the past week, in the eleventh straight weekly drop, to reach a total of 222 rigs, the lowest since June 2009, indicating a suspension in the US production activity due to the falling prices.

This drop in drilling led the US production to fall to 11.4 million barrels per day in the week ending May 22, which is the lowest since July 2019.

During the past two months, the US production fell about 1.7 million bpd, to pullback from its all-time high of 13.1 million bpd in March, however, the US remains the world's largest oil producers still.