Oil prices surge on hopes of US-China trade talks success; Trump says tariff hike if dialogues fail to clinch deal
Oil prices have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the OPEC as well as non-OPEC member Russia.
Saudi Arabia seeks extending cooperation between OPEC and non-OPEC oil producers to shore up crude prices
Saudi Arabia's Energy Minister Khaled al-Faleh on Sunday called for extending cooperation between OPEC and non-OPEC oil producers beyond 2018 after a deal to shore up crude prices.
Brent futures for February delivery rose 5 percent to $56.94 per barrel, with U.S. crude spiking a similar amount to $54.07 per barrel in early Asian trade before trimming gains
Iran is also pledging to ramp up production following the lifting of Western sanctions in January