Sanctions imposed by the United States on Venezuelan exports to the U.S. have also been supporting prices.
U.S. West Texas Intermediate (WTI) crude oil futures pushed through $56 per barrel for the first time this year, hitting $56.13 a barrel before edging back to $56.02 a barrel by 0112 GMT, still up 0.8 percent from their last settlement.
International Brent crude futures hit a high of $66.78 per barrel before easing to $66.65 per barrel, up 0.6 percent from their last close.
Asian shares also rose on Monday, boosted by hopes over a trade deal between the U.S. and China.
Optimism that a trade deal could be reached between the United States and China received a boost last week when U.S. President Donald Trump said talks were going “very well”.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 percent, recovering from a sharp fall last Friday.
On Friday on Wall Street, the Dow Jones Industrial Average rose 443.86 points, or 1.74 percent, to 25,883.25, the S&P 500 gained 29.87 points, or 1.09 percent, to 2,775.6 and the Nasdaq Composite added 45.46 points, or 0.61 percent, to 7,472.41.
The two sides will resume negotiations this week, with U.S. President Donald Trump saying he may extend a March 1 deadline for a deal, according to a Reuters report.
“That does not rule out a setback or two between now and the start of March,” said analysts at CBA in a note, according to a Reuters report.
“Even so, we still think that both sides have good reasons to want to get to an agreement. And, so motivated, it makes an agreement more likely than not.”
Middle East markets
Dubai’s index added 0.6 percent on Sunday with Emaar Properties’ stock adding 2 percent and Damac Properties closing up 0.8 percent.
Abu Dhabi’s index added 0.7 percent as Aldar Properties gained 3.6 percent and Abu Dhabi Islamic Bank rising 0.5 percent.
Saudi Arabia’s index dropped 0.4 percent with Alinma Bank and Al Rajhi Banking & Investment Corporation losing 0.3 percent and 0.6 percent, respectively.
Egypt’s blue-chip index EGX30 added 1.4 percent as Orascom Investment Holding, added 3.2 percent.
Qatar’s index added 0.7 percent, Kuwait’s premier market index edged 0.1 percent higher while Oman’s index dropped 0.8 percent and Bahrain’s index added 0.6 percent.
The dollar edged lower on Monday, as investors turned to equities.
The dollar index, which measures the greenback against a basket of six major currencies, was marginally lower at 96.85.
Gold prices firmed on a weaker dollar.
Spot gold inched 0.1 percent higher to $1,321.69 per ounce at 0037 GMT. The metal hit a near 9-month high of $1,326.3 an ounce on Jan. 31
U.S. gold futures rose 0.2 percent to $1,324.9 an ounce.
(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)
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