Oil prices rise: US-China trade talks boost market; oversupply could return if sanctions on Russia less effective

Oil prices rose on Monday after the United States and China outlined a framework for a potential trade deal. The move raised hopes of improved relations between the world’s two largest oil consumers.

By 0027 GMT (local time), Brent crude futures were up 46 cents or 0.7%, at $66.40 a barrel. US West Texas Intermediate (WTI) crude rose 46 cents or 0.75% to $61.96, as reported by Reuters.