WASHINGTON (dpa-AFX) - Oil prices were up nearly 3 percent on Monday after China and the U.S. touted 'substantial progress' on their trade talks.
Benchmark Brent crude futures were up 2.7 percent at $65.65 a barrel in early European trade while WTI crude futures jumped 2.9 percent to $62.76.
Both contracts rose over 4 percent last week, marking their first weekly rise since mid-April.
Helping ease concerns about demand in the world's two biggest oil-consuming nations, the United States and China have taken a step toward easing their strained trade relationship.
Issuing a joint statement from Geneva on trade talks, both nations have announced a temporary rollback of trade levies for an initial 90-day period.
Following two days of negotiations, the combined 145 percent U.S. duties on most Chinese imports will now be reduced to 30 percent, including the rate linked to fentanyl.
In return, China will be reducing tariffs on U.S. goods from 125 percent to 10 percent. The easing is effective from May 14.
'We have substantially moved down the tariff levels,' said U.S. Treasury Secretary Scott Bessent, who led the American delegation at the talks. 'Neither side wants a decoupling.'
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