The benchmark North Sea crude in Europe ended the session on the International Exchange trading 59 cents higher than the $62.73 closing price from last Friday.
The Brent crude saw an upward reaction after U.S. Treasury Secretary Scott Bessent announced today that Donald Trump and Xi Jinping still plan to meet this month.
These statements come a day after Trump softened his stance on Beijing following previous threats to impose 100% tariffs on Chinese products and increase technology controls, subsequent to China imposing restrictions on the export of rare earths.
European crude closed last week at its lowest since May, as investors were concerned that escalating tariffs might reduce oil demand and lead to an oversupply.
