Oil prices rose on Monday as investors hoped expected talks between the presidents of the U.S. and China could ease trade tensions between the world’s two largest economies and oil consumers.

Prices rose after hitting five-month lows in the previous session.

Brent crude futures climbed 92 cents, or 1.47%, to $63.65 a barrel by 0722 AM WAT after settling down 3.82% on Friday at the lowest since May 7.

U.S. West Texas Intermediate crude was at $59.79 a barrel, up 89 cents, or 1.51%, following a 4.24% loss on Friday to its lowest since May 7. WTI prices will settle on Tuesday as Monday is a public holiday in parts of the U.S.

U.S.-China trade tensions intensified last week after China expanded its rare earth export controls.

In response, U.S. President Donald Trump, on Friday, said he would impose 100% tariffs on China’s U.S.-bound exports, along with new export controls on “any and all critical software” by November 1.

But on Sunday, he said on Truth Social: “Don’t worry about China, it will all be fine!”

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The moves come ahead of a potential meeting between Trump and his Chinese counterpart, Xi Jinping, on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, which U.S. Trade Representative Jamison Greer said could still happen later this month.

Analysts say there is still the risk of trade tensions escalating that may lead to higher tariffs or more serious export restrictions, at least temporarily.

Oil prices tumbled in March and April during the height of trade tensions between the two countries.

China’s crude imports in September rose 3.9% from a year earlier to 11.5 million barrels per day, customs data showed, as refineries operated at their highest utilisation rates so far this year and as stockpiling efforts continued.