After the United States reached a trade agreement with the European Union and could extend a tariff break with China, oil prices rose on Monday.

Brent crude futures rose slightly by 22 cents, or 0.32%, to $68.66 per barrel at 00:35 GMT, while American West Texas Intermediate crude was at $65.38 per barrel, up 22 cents or 0.34%.

Oil prices hit their lowest level in three weeks on Friday, due to global trade concerns and expectations of increased oil supplies from Venezuela.

Tony Sycamore, an IG market analyst, believes that the trade agreement between the United States and the European Union and a possible extension of the tariff pause between the United States and China are supporting global financial markets and oil prices.