Oil rises more than one percent after sharp losses

Oil prices regained some gains today, Monday, after hitting their lowest levels in five months in the previous session, as investors hope that potential talks between the presidents of the United States and China will ease trade tensions between the world’s two largest economies and oil consumers.

Brent crude futures rose 87 cents, or 1.39 percent, to $63.60 per barrel, after settling at 3.82 percent on Friday to their lowest levels since May 7.

West Texas Intermediate crude rose 87 cents, or 1.48 percent, to $59.77 a barrel, after falling 4.24 percent to reach its lowest levels since May 7.