Oil prices settle up at two-week high as US and China ease tariffs

Oil prices rose about 1.5% to settle at a two-week high on Monday, after the US and China agreed to temporarily slash tariffs, raising hopes of an end to the trade war between the world’s two biggest economies.

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Brent crude futures rose $1.05, or 1.6%, to settle at $64.96 a barrel. US West Texas Intermediate (WTI) crude gained 93 cents, or 1.5%, to settle at $61.95.

Both benchmarks notched their highest settlements since April 28.

The US and China tapped the brakes on tariffs, sending Wall Street stocks, the US dollar and crude prices sharply higher on hopes the world’s two biggest oil consumers can end a trade war that has stoked fears of recession.