Oil advanced after paring a slump in the week’s opening session, as investors weigh the fallout of renewed US-China trade tensions against demand.

Brent traded above $63 a barrel — after gaining in the previous session following a 3.8% plunge on Friday — while West Texas Intermediate was near $60. US president Donald Trump eased his rhetoric against China after touting a fresh round of US tariffs and export curbs late last week and flagged openness to a deal with Beijing.

The resumption of the trade conflict between the two biggest oil users has introduced fresh uncertainty into the outlook. Prices have declined over the past two weeks as the Organization of the Petroleum Exporting Countries and its allies increased supply, raising concerns about a surplus projected for later this year.

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