Oil futures recoup about half of last week's losses

Oil futures rose Monday, tracking strong gains in the U.S. stock market to recoup roughly half of last week's losses. The market saw a "nice relief rally ... after U.S. officials backpedalled on a trade war with China over the weekend," said Colin Cieszynski, chief market strategist at SIA Wealth Management Inc. The day's gains, however, were "still smaller than Friday's declines, so it remains to be seen if this is a trading bounce or the start of a more serious advance." May West Texas Intermediate crude CLK8, +2.03% rose $1.36, or 2.2%, to settle at $63.42 a barrel on the New York Mercantile Exchange. The contract fell 2.4% on Friday to tally a loss of roughly 4.4% for last week.