A return of optimism that the US and China might avoid the collision course a recent exchange of tariffs has been leading them on has lifted crude oil price.

Brent crude traded at $69.02 a barrel at 2:30 am GMT, with WTI at $63.84, both up by less than a percentage point from Monday's close but up nevertheless. On Monday, the two benchmarks both gained over 2%, Reuters notes.

Analysts see the trade spat between the US and China as a major factor for the excessive volatility on oil markets alongside the sanction-happy attitude of the US administration towards major oil exporters including Venezuela, Iran, and Russia.