Oil climbed to multi-week highs as US-China trade talks stoke optimism

International crude oil prices surged to multi-week highs on Monday, lifted by renewed optimism surrounding US-China trade negotiations and a weaker US dollar that helped bolster investor sentiment across energy markets.

Brent crude futures rose 57 cents, or 0.9%, to settle at $67.04 a barrel, 

WTI gained 71 cents, or 1.1%, closing at $65.29. 

The latest boost came as negotiators from Washington and Beijing met in London on Monday in an effort to resolve longstanding trade disputes that have weighed heavily on market sentiment throughout the year. Any signs of a breakthrough are being closely watched, as a deal between the world’s two largest economies would likely improve the global demand outlook for crude oil and other commodities.

Adding to the bullish tone, the US dollar weakened, with the dollar index falling 0.3%. A softer dollar typically supports oil prices by making dollar-denominated commodities more attractive to holders of other currencies.

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