Singapore — Oil prices rose on Monday as markets reacted to news that China and the US have put a looming trade war between the world’s two biggest economies "on hold". Brent crude futures were at $79.13 a barrel at 1.21am GMT, up 62c or 0.8% from their last close. Brent broke through $80 for the first time since November 2014 last week. US West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55c or 0.8% from their last settlement. The US trade war with China was "on hold" after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin said at the weekend, giving global markets a lift in early trading on Monday. "The temporary trade dispute will de-escalate over time through negotiation," US bank Morgan Stanley said. "Both sides plan to work on implementing agriculture and energy purchases and to continue to negotiate on manufacturing and service trade, bilateral investment an...
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