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Oil prices ramped up on Monday after the United States and China reached a truce in their trade war. Benchmark Brent crude oil futures surged 2.6%, and were priced at $61.01 a barrel. US WTI crude futures saw an increment of 3.2%, and were traded at $52.60 per barrel. China and the United States settled over not imposing any additional trade tariffs for at least 90 days.