New York: Oil prices rose about 2% on Monday, reaching their highest level in two weeks, after the United States and China announced a temporary reduction in tariffs. This development has boosted market hopes for a resolution to the trade dispute between the world’s largest oil consumers.

According to National Iraqi News Agency, Brent crude futures closed at $65.26 a barrel, up $1.35 (2.1%), while US West Texas Intermediate crude rose 93 cents (1.52%) to $61.95 a barrel.

Oil prices had fallen to their lowest level in four years last April, primarily due to concerns about the impact of the US-China trade war on global economic growth and oil demand. At the same time, the Organization of the Petroleum Exporting Countries (OPEC) decided to increase oil production more than previously expected.