Doha: Oil prices rebounded on Monday, recovering from five-month lows recorded in the previous session, as investors expressed optimism that potential talks between the presidents of the United States and China could help ease trade tensions between the world's two largest economies and top oil consumers. Brent crude futures rose 87 cents, or 1.4%, to $63.60 per barrel, after slumping 3.8% on Friday to their lowest level since May 7.

According to Qatar News Agency, US West Texas Intermediate (WTI) crude climbed 87 cents, or 1.5%, to $59.77 per barrel, following a 4.2% decline in the previous session, also hitting a five-month low. Trade frictions between Washington and Beijing intensified last week, after China expanded its export controls on rare earth materials, prompting US President Donald Trump to announce a 100% tariff on all China-bound exports to the United States, in addition to new restrictions on critical software exports starting November 1.