Singapore : Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world´s two biggest economies "on hold".
Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close.
Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement. The U.S. trade war with China is "on hold" after the world´s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.
"The temporary trade dispute will de-escalate over time through negotiation," U.S. bank Morgan Stanley said.
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