Oil prices rose by more than 1.5 percent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude.
Brent crude futures were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 89 cents, or 1.9 percent.
The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods. The dispute has weighed on economic growth.
The bank said it had revised its global oil demand growth forecast to 1.27 million barrels per day (bpd), down from 1.43 million bpd previously.
Meanwhile, German industrial orders dropped in November, official data showed on Monday, as Germany's exporters suffer from the trade dispute between China and the United States.
Because of record U.S. crude oil production of 11.7 million bpd, American fuel stockpiles are rising, according to weekly data by the Energy Information Administration (EIA) released on Friday.
Crude oil inventories rose by 7,000 barrels in the week that ended on Dec. 28, to 441.42 million barrels, more than 5 million barrels above their 5-year average.