Oil prices jumped over 3% on Monday after the US and China agreed to lower tariffs, sparking hopes of revived demand from the world’s top crude consumers.

Oil prices rose around 3% on Thursday, buoyed by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers.

Oil prices experienced a rise of nearly 2% on Friday, marking the first weekly gains since mid-April, as a U.S. trade agreement with the United Kingdom fueled investor optimism ahead of anticipated talks between high-ranking officials from the U.