Oil prices boosted by news China

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies on hold.

Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.

U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement.

The U.S. trade war with China is on hold after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, giving global markets a lift in early trading on Monday.

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