Ammon News - 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.

Brent crude futures climbed 43 cents, or 0.67%, to $64.34 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79%, from Friday's close.

Both benchmarks rose more than $1 on Friday and gained over 4% last week for their first weekly gains since mid-April, after a U.S. trade deal with Britain swelled investors' optimism that economic disruptions from U.S. tariffs on trading partners may be avoided.

The United States and China ended trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said both had reached "important consensus".

However, neither side released any details of the talks with Chinese Vice Premier He Lifeng, saying a joint statement would be issued on Monday.

Positive talks between the world's two largest economies could help boost crude demand as trade, currently disrupted by massive tariffs levied by both countries, is restored between them. Reuters