Oil prices rose after hitting five-month lows in the previous session, as investors hoped potential talks between the United States and China would ease trade tensions between the world's two largest economies.
During Monday's trading, Brent crude futures for December delivery rose 1.25%, or 79 cents, to $63.52 a barrel, as of 8:03 a.m. Mecca time, after falling 3.8% on Friday, hitting its lowest level since May 7.
Nymex crude futures for November delivery also rose 1.25%, or 74 cents, to $59.64 a barrel, following a 4.25% loss, hitting its lowest level since May 7.
Beijing expanded its restrictions on rare earth exports last week, prompting US President Donald Trump to respond by announcing 100% tariffs on Chinese imports and new restrictions on all critical software exports, effective November 1.
OPEC's monthly report is scheduled to be released today, which includes a detailed analysis of the key factors affecting demand and supply trends and the overall balance in oil markets.
These developments come ahead of a potential meeting between US President Donald Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, according to US Trade Representative Jameson Greer, who indicated that the meeting could take place later this month
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