Oil prices rose on Monday after positive developments in U.S.-China trade talks over the weekend boosted market sentiment. Both sides expressed optimism that the world’s two largest crude consumers may be closer to resolving their trade dispute.
Brent crude futures gained 27 cents, or 0.4%, reaching $64.18 per barrel by 0001 GMT. U.S. West Texas Intermediate (WTI) crude futures rose by 28 cents, or 0.5%, to $61.30 per barrel, up from Friday’s close.
Both benchmarks saw significant gains on Friday, increasing by over $1 and rising more than 4% for the week. This marked their first weekly gains since mid-April, following a U.S. trade deal with the United Kingdom that gave investors hope that economic disruptions caused by U.S. tariffs on its trading partners might be avoided.
Trade talks between the U.S. and China concluded positively on Sunday. U.S. officials highlighted a deal to reduce the U.S. trade deficit, while Chinese officials emphasized that both sides reached an “important consensus.”
However, a Reuters survey revealed that OPEC‘s oil output slightly decreased in April.
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