Mubasher: Oil prices traded higher on Monday, extending gains from last week when prices had rebounded on stronger investor sentiment and data by the Organization of Petroleum Exporting Countries (OPEC).

By 8:30 am GMT, Brent crude grew 0.51% to $65.17 per barrel (pb), while US crude (Nymex) jumped 0.84% to $62.20 pb.

If crude Nymex closes Monday in the green, it would record its fourth gain in a row.

Oil price rises are set to be “tested” amid concerns of increased oil output from the US, which is currently at record highs, according to analysts.

In the event that crude production and inventories continue to rise on a weekly basis, prices are likely to begin falling, analysts have said.

Last week, Baker Hughes Inc. reported a rise in the number of US oil rigs by 7 last week to 798, the fourth rise in a row.

In the meantime, the US dollar index added 0.13% to 89.212.