Oil rose after after President Donald Trump's administration signaled openness to a deal with China to quell fresh trade tensions between the two biggest crude consumers.

Brent advanced above $63 a barrel after plunging 3.8% on Friday in its biggest drop since August, while West Texas Intermediate was near $60.

Trump on Friday announced an additional 100% tariff on China as well as export controls on "any and all critical software" beginning Nov. 1, following moves by Beijing to add new port fees on US ships and curbs on exports of rare earths and other critical materials. On Sunday, Trump indicated willingness to reach a deal, while Beijing urged Washington to negotiate and said it wouldn't hesitate to retaliate against threats.

"We'll be fine with China," the US president told reporters on Air Force One in early Asian hours on Monday, although the tariffs on Nov. 1 remained the plan. He also said he'd consider arming Ukraine with long-range Tomahawk missiles that would allow strikes deeper into Russia, which increases the risk of further disruptions to oil supply from the OPEC+ member.

Brent for December settlement rose 0.9% to $63.32 a barrel at 7:24 a.m. in Singapore.

WTI for November delivery gained 1% to $59.48 a barrel.

Source: Bloomberg