Oil prices rose on Monday, supported by a rebound in the stock market as concerns of a trade war between the United States and China eased.

Brent crude futures rose $1.53 to $68.64 a barrel, a 2.3 percent gain, by 2:33 p.m. EDT. U.S. West Texas Intermediate (WTI) crude futures rose $1.36 to settle at $63.42 a barrel, a 2.2 percent gain.

Prices were on track for their largest daily percentage gain since March 23.

"Once again we find the oil market being swept up in broader market sentiment," said Matt Smith, director of commodity research at ClipperData. "After Friday's flight from risk, the positive mood in equities to start the week is encouraging a rebound in oil, with a weakening dollar providing a further shot in the arm."

The U.S. stock market broadly rose more than 1 percent. Crude futures have recently tracked with equities.

Oil prices fell about 2 percent on Friday after U.S. President Donald Trump threatened new tariffs on China over Twitter, reigniting fears of a trade war between the world's two largest economies.