Oil rises for the third straight day

Oil prices continued to rise as the US market opened on Friday, extending gains for the third straight day, thanks to hopes of the continued global demand recovery, which offset the impact of the OPEC-Plus alliance's decision to increase output starting from August.

US crude rose 0.5% to $72.08 a barrel, after opening at $71.72, and hit a low at $71.50, and Brent crude rose 0.7% to $73.94 a barrel, after opening at $73.52, and hit a low of $73.34.

US crude gained 2.1% yesterday, and Brent crude futures rose 1.9%, in the second straight daily gain.

Most energy experts projected global oil prices to continue to rise during the second half of 2021, as the fuel demand growth is expected to be more than the global supply growth.

Global demand growth expectations are based on the continued Covid-19 vaccination, which will contain the increasing infections of the delta-strain variant.

Simultaneously, the market started to digest the OPEC-Plus' output hike of 400,000 barrels per day, which is expected to not lead to a supply glut, especially as the global demand continues to recover.