Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted their progress, which lifted market sentiment that the world's two largest crude users may be moving toward a resolution of their trade dispute.

WTI crude oil futures ended the week with a 2.78% gain, closing at $59.91, driven by optimism over U.S.-China trade talks and signs of tightening inventories.

Oil prices rose on Friday and were heading for a weekly gain as the US and China prepared for trade talks that could ease tensions between the world’s two largest economies. The increase also comes after Washington announced a new trade deal with the UK.