Brent rises for the third consecutive day on trade hopes

Brent crude oil prices continued to rise as the US market opened on Monday to continue gains for the third consecutive day ahead of a new round of trade talks between the United States and China that could lead to a significant progress on the way for the world's two largest economies to reach a comprehensive trade deal. while the gains are curbed due to the relative ease of geopolitical tensions in the Gulf, with signs of tensions with Iran easing.

By 12:30 GMT, Brent crude rose by $63.40 per barrel from the opening level of $63.33, after recording a high of $63.48 and a low of $62.96.

Brent crude futures rose by 0.3% on Friday, their second daily gain in a row, after better-than-expected US economic growth in the second quarter.

Oil prices rose 0.8 percent over the past week, their second weekly gain in the last three weeks, on the back of a slower supply in the world's top oil consumer.

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are scheduled to meet with the Chinese Vice Premier Liu He for trade talks in Shanghai starting from Tuesday.

The new round of trade talks has been the first face-to-face since US President Donald Trump and Chinese leader Xi Jinping agreed to revive talks on the sidelines of the G20 summit held in Japan last month.

The round could lead to significant progress on the way for the world's two largest economies to reach a comprehensive trade deal that would once again improve global economic prospects and fuel demand prospects.

On the other hand, "Abbas Araghchi," Iran's chief nuclear negotiator, said on Sunday after an emergency meeting with the parties of the nuclear agreement in 2015, that the meeting was positive, but there are still unresolved issues, and that his country will continue to reduce its nuclear commitments if The Europeans did not implement the agreement.