In Asian trading on Monday, oil prices rose by more than $2 after the United States and China announced that they would ease some of their tariff measures.

Brent crude futures climbed $2.11, or 3.3%, to $64.14 per barrel at 07:14 GMT. West Texas Intermediate (WTI) U.S. crude futures were trading at $63.14 per barrel, up $2.12, or 3.47%, from Friday's close

The two parties announced on Monday that they would suspend 24% of additional ad valorem tariffs on goods from the other country for an initial period of 90 days, in a joint statement following trade negotiations in Geneva over the weekend.

The two benchmarks rose by more than $1 on Friday and gained more than 4% last week for their first weekly gains since mid-April, after a trade deal between the United States and Britain boosted investor optimism about the possibility of ; avoid economic disruptions caused by American tariffs on trading partners