Oil extended gains as the market turned its attention to trade talks between the U.S. and China later this week after President Donald Trump announced a deal with the U.K.

West Texas Intermediate rose above $60 a barrel after rising 3.2% in the previous session. Brent settled near $63. Trump said negotiations with China would produce real progress, although Beijing reiterated its call on Thursday for the U.S. to roll back tariffs before talks.

Crude has fallen since mid-January on concerns that Trump's tariffs will hamper economic growth, and as OPEC+ moves to revive stalled production. While the U.S. president hailed the pact with Britain as historic, details of the deal suggest it falls short of the "complete and comprehensive" agreement he had promised. Meanwhile, the U.S. imposed sanctions on a third so-called teapot oil refinery in China — along with port terminal operators, ships, companies and individuals — accused of facilitating the trade of Iranian crude. Hebei Xinhai Chemical Group Ltd. is a major target of the action. (Newsmaker23)

Source: Bloomberg