08:41 AM EDT, 06/10/2025 (MT Newswires) -- Oil futures rose for a fourth day early on Tuesday, climbing to a five-week high on hopes talks between China and the United States will bring an end to the trade war between the two largest economies that has disrupted global trade wars.

West Texas Intermediate crude oil was last seen up US$0.38 to US$65.67 per barrel, the highest since April 3, while August Brent crude was up US$0.42 to US$67.46.

The rise comes as talks between the United States and China in London enter their second day, with the market hoping a deal will emerge that will end the tariff battle between the pair and boost a global economy that is weakening amid the trade wars launched in April by U.S. President Donald Trump.

The prospect of a deal between the two countries is raising hopes for a return to growth that will support oil demand even as supply from OPEC+ is on the rise with Saudi Arabia looking to regain market share lost to U.S. shale producers.

"One must admire the optimism of investors. The Sino/US trade talks enter a second day and instead of being seen as them being a touch sticky, markets across the gamut of investment are starting to price a successful outcome. Yes, hope is whipped by the US Administration with the likes of the Commerce Secretary, Howard Lutnick, observing initial discussions had been "fruitful" which was endorsed by his President back in Washington claiming, "we are doing well with China," PVM Oil Associates noted.

Prices have also been supported by continuing shortfalls in Canadian supply, with oil-sands producers shutting in nearly 300,000 barrels per day of supply due to wildfires in northern Alberta.