Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted their progress, which lifted market sentiment that the world's two largest crude users may be moving toward a resolution of their trade dispute.

Oil prices jumped over 3% on Monday after the US and China agreed to lower tariffs, sparking hopes of revived demand from the world’s top crude consumers.

Oil prices experienced a rise of nearly 2% on Friday, marking the first weekly gains since mid-April, as a U.S. trade agreement with the United Kingdom fueled investor optimism ahead of anticipated talks between high-ranking officials from the U.