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 experienced a rise of nearly 2% on Friday, marking the first weekly gains since mid-April, as a U.S. trade agreement with the United Kingdom fueled investor optimism ahead of anticipated talks between high-ranking officials from the U.