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Oil extends gains after US-China trade deal
Oil prices rose to their highest level in two weeks on Monday, rising by about 2%, after the US and China reached an agreement to reduce tariffs, reflecting a significant easing of trade tensions between the world's two largest economies.
Brent crude futures rose 1.58%, or $1.01, to settle at $64.93 a barrel.
West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.52%, to settle at $61.95 a barrel.
Both benchmarks gained more than $1 in Friday's session and ended the week up more than 4%, their first weekly gains since mid-April.
On Monday, the US and China agreed to suspend most tariffs on traded goods, reflecting a significant easing of trade tensions between the world's two largest economies.
The trade agreement stipulates a reduction in "reciprocal" tariffs between the two countries from 125% to 10%. However, the 20% US tariff on Chinese imports related to fentanyl will remain in place, meaning the total tariffs imposed on China will remain at 30%.
