Brent Oil Futures expiring in December jumped 1.7% to $63.78 per barrel

Oil prices climbed nearly 2% in Asian trade on Monday after steep declines in the previous trading session, as U.S. President Donald Trump sought to ease investor concerns over escalating trade tensions with China.

As of 01:58 GMT, Brent Oil Futures expiring in December jumped 1.7% to $63.78 per barrel, while West Texas Intermediate (WTI) crude futures climbed 1.8% to $59.95 per barrel.

Both benchmarks had dropped nearly 4% to five-month lows on Friday after Trump said he would impose an additional 100% tariff on imports from China, raising fears of weaker global oil demand.

Over the weekend, Trump appeared to soften his tone, posting on Truth Social that “Don’t worry about China, it will all be fine,” which helped calm markets and lift risk appetite.

He added that “the U.S.A. wants to help China, not hurt it”, hinting negotiations could continue.

The remarks spurred a modest rebound across commodities after last week’s selloff.

Meanwhile, a ceasefire agreement between Israel and Hamas has reduced geopolitical tensions in the Middle East, weighing on oil prices.

The broader sentiment remained fragile as concerns about oversupply persisted. The U.S. Energy Information Administration (EIA) last week raised its 2025 crude output forecast to a record 13.53 million barrels per day, pointing to stronger U.S. supply growth.

At the same time, OPEC+ is pressing ahead with a gradual rise in production. The producer group agreed earlier this month to raise output by around 137,000 barrels per day in November, the smallest of the options discussed, in a bid to balance market stability with the risk of a growing glut.