Oil prices bounced on Monday from last week's losses, boosted by reports that the United States and China could soon reach a formal agreement to end a tit-for-tat trade war that has limited global economic growth.
Crude futures gave up some of their gains around midday as the U.S. stock market slumped on weak construction spending data, but the commodity rallied into Monday's price settlement.
U.S. West Texas Intermediate crude settled 79 cents higher at $56.59 per barrel, posting a 1.4-percent gain on the day. WTI earlier rose as high as $57.
International benchmark Brent crude futures rose 60 cents at $65.67 a barrel, off a session high of $66.34.
The gains come after both benchmarks posted losses during a volatile trading period last week. Brent fell more than 3 percent, while WTI dropped 2.5 percent on the week.