Oil prices rose on Monday after touching a five-month low in the previous session, as investors hoped that potential talks between the U.S. and Chinese presidents could help ease trade tensions between the world’s two largest economies and oil consumers.
Brent crude futures rose by 88 cents, or 1.40%, to reach $63.61 per barrel, after closing on Friday down 3.82%, marking the lowest level since May 7.
West Texas Intermediate (WTI) crude increased by 84 cents, or 1.43%, to $59.74 per barrel, after falling 4.24% in the previous session, also reaching its lowest level since May 7.
