NEW YORK (CNBC) - Oil prices rebounded on Monday, buoyed by OPEC output cuts and reports that the United States and China are inching closer to a deal on a tariff row that has slowed global economic growth.
International benchmark Brent crude futures were up 98 cents, or 1.5 percent, at $66.05 a barrel around 10:20 a.m. ET, rebounding from Friday's 1.5 percent drop. Brent fell 3 percent last week.
U.S. West Texas Intermediate crude futures were up 95 cents, or 1.7 percent, at $56.75 per barrel. WTI fell 2.5 percent on Friday, matching the weekly loss for the U.S. benchmark.
The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday in Washington.