Oil gains over 2.5%, Brent exceeds $66

Oil drilling rigs

Oil prices rose on May 13 as trade tensions between the US and China eased. In addition, US inflation slowed in April contrary to expectations. Brent crude futures for July delivery jumped 2.57%, or $1.67, to settle at $66.63 per barrel.

WTI crude futures for June delivery gained 2.78%, or $1.72, to $63.67 a barrel.

This comes after both crude oil prices added about 4% in the previous session following the US and China's agreement to reduce tariffs for 90 days, a temporary truce in preparation for negotiations to reset trade relations between the world's two largest economies.

Data released today showed that annual consumer price inflation in the US slowed to 2.3% in April, compared to expectations of 2.4%. This could strengthen the chances of the Federal Reserve continuing to cut interest rates.