Oil prices surged over $2 in Asian trading on Monday, with Brent crude rising 3.3% to $64.14 and WTI crude up 3.47% to $63.14, driven by optimism from U.S.-China trade talks. Both nations agreed to suspend 24% of additional tariffs for 90 days, boosting hopes of resolving their trade dispute, which could enhance crude demand. Last week, both benchmarks gained over 4%, supported by a U.S.-UK trade deal. However, OPEC+ plans to increase output in May and June may limit price gains, despite a slight drop in OPEC’s April output. Talks on Iran’s nuclear program also continued, with potential to ease global oil supply concerns, which could pressure prices. U.S. energy firms reduced oil and gas rigs to their lowest since January.
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