Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war.

White House officials are meeting Chinese officials in Stockholm this week to hammer out more details for a framework between the world’s two largest economies.

The United States is pressing forward on various trade fronts, with ongoing efforts to close its deal with the European Union (EU), continued monitoring of its agreement with China and persistent negotiations with India. The US trade representative spoke about the progress in US trade deals with other countries in an interview with CNBC.