Crude oil prices were up at trading start Monday as the U.S. and China agreed to restart trade talks at the G20 summit, while OPEC leaders eye an extension of the cartel's production cut deal into the second half of the year.
International benchmark Brent crude was trading at $66.50 per barrel at 0650 GMT for a 1.06% gain after it ended the previous session at $65.80 a barrel.
American benchmark West Texas Intermediate was at $60 a barrel for a 0.75% increase after closing the previous day at $59.55 per barrel.
U.S. President Donald Trump and his Chinese counterpart Xi Jinping agreed Saturday at the G20 summit in Osaka that they would restart trade talks.
The possibility of a potential deal between the world's two largest economies and oil consumers mitigated fears of low global oil demand this year.
The global oil market will focus Monday on OPEC's meeting that will kick off in Vienna, Austria. The cartel will meet with non-OPEC oil producing countries including Russia.
The group, dubbed as OPEC+, is expected to extend the oil production cut deal into the second half of the year.
By Ovunc Kutlu