Crude oil prices were up at Tuesday's opening in anticipation that improved trade relations between China and the U.S. would increase global oil demand this year.
International benchmark Brent crude was slightly up to trade at $64.31 per barrel at 0635 GMT after it closed the previous day at $64.25 a barrel.
American benchmark West Texas Intermediate was trading at $58.17 a barrel at the same time after ending Tuesday at $58.11 per barrel.
The U.S. Treasury Department announced Monday that it removed China from a list of countries the U.S. regards as currency manipulators.
Treasury Secretary Steven Mnuchin said over the weekend that Beijing promised to buy $50 billion worth of farm products from the U.S. every year and a total of $200 billion of American goods over the next two years.
The world's two largest economies are expected to sign phase one of a trade agreement on Wednesday, a major step viewed as pausing the trade war that has been dragging down the world economy for around two years.
With the trade war between the world's two largest oil consumers coming to a halt, global oil demand is anticipated to increase this year, putting an upward pressure on crude oil prices.
By Ovunc Kutlu