International oil prices rose again on Monday.
The weekend announcement that the U.S. and China agreed to suspend major tariffs for 90 days and seek a trade deal during this period fueled the rise in oil prices.
Market sentiment shifted rapidly towards risk appetite, primarily driving the increase in crude prices.
Beginning Wednesday, the U.S. will slash its tariff rate on Chinese goods from 145% to 30%, while China will reduce its tariffs on U.S. products from 125% to 10%.
Brent crude, the global benchmark, settled at 64.96 USD per barrel for July delivery, gaining 1.05 USD (1.64%) from the previous session.
West Texas Intermediate (WTI), the U.S. benchmark, closed at 61.95 USD per barrel for June delivery, up 0.93 USD (1.52%).
Both Brent and WTI have rallied for three straight trading days following the U.S.-U.K. trade agreement on May 8.
During this period, Brent surged 6.38% while WTI soared 6.68%.
