Easing trade tensions and production cuts by the Organization of the Petroleum Exporting Countries have boosted oil prices recently, but some investors remain dubious that even those long-awaited developments will be enough to push crude beyond its recent trading range.

U.S. crude prices hit a fresh three-month high on Monday after the U.S. and China late last week reached a limited trade agreement that helped ease investors’ worries that slowing global growth would hurt demand.

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