International oil prices continued to rise on Monday.
This marked the third consecutive day of gains since June 5.
The surge was fueled by renewed trade negotiations between the U.S. and China in London, sparking hopes that easing tensions could boost oil demand.
Kevin Hassett, Director of the National Economic Council (NEC) of the U.S., suggested that U.S. President Donald Trump could ease semiconductor export controls to China if China agrees to increase its exports of rare earth materials and magnets.
The price of oil continued its upward trend, despite warnings from S&P Global Commodity Insights that a production increase by OPEC+ could push oil prices down to around 40 USD per barrel this year.
Brent crude, the international oil benchmark, settled at 67.04 USD per barrel, up 0.57 USD (0.86%) from the previous session.
West Texas Intermediate (WTI), the U.S. oil benchmark, closed at 65.29 USD per barrel, gaining 0.71 USD (1.10%).
These figures represent the highest levels for Brent and WTI since April 22 and April 3, respectively.
