** Shares of oil firms rise in premarket trading as crude recouped losses on potential talks between the presidents of the U.S. and China that could ease trade tensions between the world's two largest economies and oil consumers

** Brent crude futures LCOc1 up 1.7% at $63.82 a barrel, while U.S. West Texas Intermediate crude CLc1 gains 1.8% to $59.99 a barrel O/R

** Both contracts lost around 4% on Friday to settle at their lowest since May.

** Oil majors Exxon Mobil XOM.N and Chevron CVX.N each climb ~1%

** Oil producers Devon Energy DVN.N, Occidental Petroleum OXY.N and Vital Energy VTLE.N climb between 1.75% and 5.5%

** Oilfield services firms SLB SLB.N, Baker Hughes BKR.O and Halliburton HAL.N up between 1.6% and 2%

** Trade tensions flared up last week after China expanded its rare earth export controls. In response, U.S. President Donald Trump on Friday said he would impose 100% tariffs on China's U.S.-bound exports

(Reporting by Arunima Kumar in Bengaluru)

((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94 ;))