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.

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.

Oil prices held steady early Friday following a sharp rally in the previous session, fueled by easing U.S.-China trade tensions and a new trade agreement between the U.S. and the UK. Brent crude inched up 7 cents to $62.