Price movements
Brent crude futures rose by 2.37 percent, reaching $81.52 per barrel, and US West Texas Intermediate crude futures increased by 2.67 percent, reaching $77.56 per barrel.
The two benchmarks are heading towards achieving their highest close since May 31.
Goldman Sachs analysts expect the price of Brent crude to rise to $86 per barrel in the third quarter, and they said in a report that the strong demand for transportation in the summer will push the oil market to face a deficit of 1.3 million barrels per day in the third quarter.
The dollar rose to its highest level in a month against a basket of currencies, and the euro fell sharply due to political uncertainty in Europe.
Oil recorded its third consecutive weekly loss last week, due to production concerns.
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