Oil edged higher after the US and China reported "substantial progress" in two days of talks aimed at easing a trade war, signaling a possible resolution of the conflict that has threatened demand in the world's two largest crude consumers. Brent rose above $64 a barrel, after last week posting its first weekly gain in three, while West Texas Intermediate neared $61. After two days of negotiations in Geneva, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said they were optimistic about progress and would share more information on Monday, with their Chinese counterparts echoing the sentiment. Crude has recovered from a plunge early last month on concerns that President Donald Trump's trade war would hurt economic growth, even as OPEC+ revives stalled output. Geopolitical tensions remain. The US and Iran are set to resume talks on the Islamic Republic's nuclear program, after discussions on Sunday that were described as encouraging by Washington and "difficult but fruitful" by Tehran. The U.S. last week sanctioned a third Chinese oil refinery it accuses of facilitating Iranian oil trade. Meanwhile, efforts to secure peace in Ukraine reached a defining moment with Ukraine's Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week. (Newsmaker23)

Source: Bloomberg