This comes after economic authorities in Washington and Beijing outlined a framework for a trade agreement.

This situation eases fears that tariffs and export restrictions between the world’s two largest oil consumers will affect global economic growth.

European benchmark Brent futures fell 75 cents, or 1,1%, to $65,19 a barrel, and U.S. West Texas Intermediate (WTI) futures fell 71 cents, or 1,2%, to $60,79.

Last week, Brent and WTI rose 8,9% and 7,7%, respectively, due to U.S. and European Union sanctions against Russia.

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