09:04 AM EDT, 06/09/2025 (MT Newswires) -- Oil futures rose to the highest in a month early on Monday as the United States and China began trade talks, raising hopes the two largest economies can end a trade war that has disrupted the global economy.

West Texas Intermediate crude oil for July delivery was last seen up US$0.46 to US$65.04 per barrel, the highest since April 3, while August Brent crude was up US$0.49 to US$66.96.

Delegations headed by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are meeting in London as the two countries look to firm up a 90-day pause in tariffs of over 100% on each other's imports reached last month.

Hopes the two sides will reach an agreement and potentially normalize their trade flows is supporting the commodity, even as Reuters reported China's export growth fell to a three-month low in May, while factory gate deflation deepened and oil imports dropped to the lowest in four months.

As the talks ease fears tariffs imposed on nearly all U.S. trading partners by President Trump in April will lead to a global recession, supporting oil demand, they come as supply is on the rise. OPEC+ is speeding the return of 2.2-million barrels per day of production cuts to market, adding 411,000 barrels per day of new supply in May and June, with another same-sized tranche approved to come on July 1.