Brent crude futures gained 14 cents, or 0.2%, to $66.77 a barrel, while U.S. West Texas Intermediate crude futures rose 8 cents, or 0.1%, to $64.04

Oil prices rose on Tuesday as China and the US extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world’s two biggest oil consumers.

Brent crude futures added 14 cents, or 0.2%, to $66.77 a barrel by 0643 GMT, while U.S. West Texas Intermediate crude futures gained 8 cents, or 0.1%, to $64.04.

U.S. President Donald Trump extended a tariff truce with China to November 10, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.

This raised hopes that an agreement could be attained between the world’s two biggest economies and avert a virtual trade embargo between them. Tariffs risk slowing global growth, which could sap fuel demand and drag oil prices down.

Oil’s gains have also been supported by fresh signs of softness in the U.S. labour market, which have boosted expectations for a Federal Reserve rate cut in September, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

Potentially weighing on the oil market, Russian President Vladimir Putin and U.S. President Trump are due to meet in Alaska on Friday to discuss an end to the war in Ukraine.

The U.S.-Russia diplomatic track on the Ukraine conflict remains a wildcard, with traders monitoring for any geopolitical surprises that could disrupt supply routes or sanction regimes, Sachdeva said.

The meeting comes as the U.S. tries to step up pressure on Russia, with the threat of stronger measures on Russian oil buyers such as China and India if no peace deal is reached.

Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market, ANZ senior commodity strategist Daniel Hynes wrote in a note.