Continuing to underpin the markets is optimism that the on-going OPEC-led supply cuts will trim the excess global supply and stabilize prices.
U.S. Commerce Secretary Wilbur Ross said on Monday that there was a "very good chance" of reaching a settlement, while China's Foreign Ministry said Beijing had the "good faith" to resolve trade friction with the United States.
WTI and Brent were each up 2 percent during midday trading, with WTI closing in on $50 per barrel and Brent jumping above $58 per barrel. Meanwhile, U.S. crude inventories were estimated to have declined.
Some analysts believe that this round of talks are unlikely to yield any fruit and fear the talks may go down to the wire, which is essentially the March 1 truce deadline agreed upon by U.S. President Trump and China's President Xi Jinping on December 1.
Global equity markets are entering the New Year in the doldrums and are spooking traders and investors alike, closely mirroring the decline in manufacturing growth in both the USA and China amid ongoing trade tensions.
The oil prices in 2018 saw the highest peak till October before giving up and depleting to the lowest value in the previous year.
Further support for higher crude oil prices came from rising Turkish exports of Iranian crude, planned output cuts in Saudi Arabia and the nearly omnipresent problems in Libya's Sharara oil field.
Swiss pair Federer & Bencic beat Germans Zverev & Kerber to win Hopman Cup
After the match, Federer said his aim for the game was to win points from serve volleys and that worked out for him. Smashing their way through the first set 4-0, Federer and Bencic looked like they would breeze past the Germans.
Investor confidence grew as trade talks showed signs of progress.
International Brent crude futures gained 55 cents to $57.88 per barrel by 0945 GMT. "They can be very convincing when they choose to be".
West Texas Intermediate Crude oil futures for February are up $1.44, or about 3%, at $49.40 a barrel.
Apicorp noted that the cuts to production undertaken by Opec and allies may not be sufficient to balance the market, which may see build up of inventory levels, particularly as USA shale is expected to top 12 million bpd during the second half of the year.
Brent and United States crude both pushing higher. The current round of talks are scheduled to continue through Tuesday, with more senior-level discussions likely this month.
Record high crude oil production has also pushed up United States inventories, which rose by almost 17 per cent in 2018 to their highest in well over a year, according to weekly data by the Energy Information Administration (EIA) on Friday.
Saudi Arabia is planning to lower its crude oil exports to around 7.1 million barrels per day (mbpd) by the end of January to help boost oil prices above $80 a barrel, The Wall Street Journal reported OPEC officials as saying on Monday.