Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted their progress, which lifted market sentiment that the world’s two largest crude users may be moving toward a resolution of their trade dispute.
Brent crude futures climbed 43 cents, or 0.67%, to $64.34 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79%, from Friday’s close.
Both benchmarks rose more than $1 on Friday and gained over 4% last week for their first weekly gains since mid-April, after a U.S. trade deal with Britain swelled investors’ optimism that economic disruptions from U.S. tariffs on trading partners may be avoided.
The United States and China ended trade talks on a positive note on Sunday, with U.S. officials touting a “deal” to reduce the U.S. trade deficit, while Chinese officials said both had reached “important consensus”.
However, neither side released any details of the talks with Chinese Vice Premier He Lifeng, saying a joint statement would be issued on Monday.
