Crude futures extend gains in afternoon trade after a U.S.-China deal eased concerns over a deepening trade war that has threatened global economic growth and oil demand. Brent climbs 3.8% to $66.35 a barrel, while WTI jumps 4.1% to $63.50 a barrel.

After weekend talks in Geneva, the world's top consumers of crude agreed to temporarily slash punishing levies on each other while trade negotiations continue.

However, "questions remain for markets as to what the end game will be, as the measure will be operational for 90 days, and what the eventual level of tariffs will be," ING analysts say.

"Uncertainty is still high, and volatility is likely to remain elevated across commodities markets." Oil prices are still down more than 11% this year so far amid concerns over OPEC+'s accelerated output hikes and easing geopolitical tensions. 

Source: Marketwatch