2019.08.2606:26:00UTC+00Oil Prices Inch Higher As Trade Tensions Ease

Oil prices rose slightly on Monday after the United States and China sought to ease trade war tensions.

Benchmark Brent crude rose 0.45 percent to $59.05 a barrel, while U.S. crude oil futures were up 0.75 percent at $54.57 a barrel.

China's Vice Premier Liu He, who has been leading the talks with Washington, said on Monday Beijing was willing to resolve the trade dispute through "calm" negotiations and resolutely opposed the escalation of the conflict.

"We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war," Liu said, according to a government transcript.

Meanwhile, speaking on the sidelines of the Group of Seven summit of major industrialized nations, U.S. President Donald Trump hailed Chinese President Xi Jinping as a great leader and said he welcomed his desire for a deal and for calm.

Trump said Chinese officials had contacted U.S. trade counterparts overnight and offered to return to the negotiating table.

"They want calm, and that's a great thing, frankly. And one of the reasons that he's a great leader, President Xi, and one of the reasons that China's a great country is they understand how life works," Trump said.