Oil rises 4% in support of a trade truce and expectations of supply cuts
Oil prices jumped nearly 4 percent after the United States and China agreed to a 90-day truce in their trade dispute, and Alberta ordered the Canadian province to cut production, while OPEC is likely to cut supplies.
Brent crude for the year was up $ 2.23 to settle at $ 61.69 a barrel, up 3.75 percent.
US West Texas Intermediate crude futures rose $ 2.02 to settle at $ 52.95 a barrel, up 3.97 percent.
The crude rose more than 5 percent earlier in the session.
China and the United States agreed at a meeting on the sidelines of the G20 summit in Argentina not to impose additional customs duties for at least 90 days while the two sides were in talks to resolve existing disputes.
Trade war between the two world's two largest economies has severely strained world trade, raising fears of an economic slowdown.
Crude oil is not on the list of products facing import duties, but traders said positive sentiment supports crude markets.
Oil has also received support from the Alberta region's announcement that it will force producers to cut crude output by 8.7 percent or 325,000 bpd to counter pipeline bottlenecks that could lead to an increase in inventories.