Oil prices rose on Monday after assurances that U.S. President Donald Trump will meet his Chinese counterpart Xi Jinping later in October, easing a flare-up in trade tensions between the world’s top two economies that had pushed crude benchmarks to five-month lows on Friday.

Brent crude futures rose 69 cents, or 1.1%, to $63.42 a barrel by 12:32 p.m. ET (1632 GMT). U.S. West Texas Intermediate crude gained 74 cents, or 1.3%, to $59.64 a barrel.

Both contracts fell around 4% on Friday to settle at their lowest since May, after Trump threatened to cancel the meeting with Xi and to impose steep new tariffs on imports from China.

However, U.S. Treasury Scott Bessent said on Monday that the meeting between the U.S. and Chinese leaders remains on track to be held in South Korea in late Octobe

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