The North Sea crude, a key European benchmark, closed the session at the Intercontinental Exchange 48 cents higher than Wednesday’s close of $64.86.
Brent saw gains spurred by a phone call between Donald Trump and Chinese President Xi Jinping, during which they decided to hold a new round of negotiations concerning tariffs.
The escalation of the trade war between the world’s two largest economies in recent months has sparked fears of a global recession, subsequently reducing expectations for oil demand growth and pressuring oil markets.
The phone call buoyed investors and boosted the price of oil, following a more than one percent drop on Wednesday. This decline was driven by reports of Saudi Arabia’s intention to increase production and a larger-than-expected rise in U.S. gasoline and diesel stocks.
