The US and China agreed to a 90-day trade war truce, during which both sides will significantly reduce tariffs, boosting investor confidence. Easing US-China trade tensions lifted international crude oil prices last Friday (May 16).

West Texas Intermediate (WTI) crude for June delivery increased by US$0.87 (1.41%), reaching US$62.49/barrel on the New York Mercantile Exchange. Brent crude for the July delivery rose by US$0.88 (1.36%), settling at US$65.41/barrel.