Oil prices rose on Monday as hopes grew that planned talks between U.S. President Donald Trump and Chinese leader Xi Jinping could ease trade tensions between the world’s largest economies. The gains followed last week’s steep losses, which pushed prices to five-month lows.
Brent crude climbed 1.47% to $63.65 a barrel, while U.S. West Texas Intermediate rose 1.51% to $59.79. Analysts say the market remains sensitive to any escalation in trade disputes that could trigger new tariffs or export curbs.
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China’s crude imports in September increased by nearly 4% year-on-year, reaching 11.5 million barrels per day as refineries ramped up output and stockpiling continued.
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