Oil continues to rise as Brent rises above $70

Oil continued to rise on the US market's opening on Monday, to continue its rise for a second day in a row, reaching a new five-month high, as Brent crude rose above $70 a barrel for the first time since November, as global supply concerns faded. amid the continued efforts of OPEC Plus to support the market, with the US sanctions on Iran and Venezuela, as well as the impact of the armed conflict in Libya on its supply.

By 13:30 GMT, US crude rose to $63.75 a barrel from the opening of $63.31, with a high of $63.78 (highest since November 5th) and a low of $63.12.

Brent crude also rose to $70.80 per barrel from the opening of $70.53 and recorded a high of $70.84 (highest since November 12th) and a low of $70.42.

US crude was up 1.8% on Friday, and Brent gained 1.7%, its first gain in three days, after better-than-expected jobs data in the US.

Over the past week, oil prices rose by an average of 5% in the fifth weekly gain in a row, following a sharp decline in OPEC's production levels, as well as a relative easing of fears of a global economic recession, as the United States and China approach a comprehensive trade agreement.

The OPEC Plus alliance pledged to continue reducing global supply by 1.2 million bpd this year.

According to a survey conducted by "Reuters" the total crude oil output by the OPEC members fell to 4-year low in March., within the framework of OPEC efforts to quickly achieve balance in the market.

Russian Energy Minister Alexander Novak said on Friday that his country is a key partner in the OPEC's deal to cut output, and could increase production if the agreement isn't extended, which expires on June 30.

The global supply concerns also faded on the US sanctions against Iran and Venezuela, which have led to a decline in supplies from the two OPEC member countries, as well as the possibility that Libya's supplies will be affected after armed conflict reigns over Africa's biggest oil reserves.