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UPDATE 3-Oil extends Q1 gains on tight supply, economic optimism * China factory data, Sino-U.S. trade talks boost sentiment * Sanctions, cuts by OPEC and allies tighten supply * U.S. production steadies, rig count lowest in nearly a year Money managers raise net longs on U.S. crude futures (Updates prices, modifies throughout, changes dateline from TOKYO) By Noah Browning LONDON, April 1 Oil rose on Monday, building on its largest first-quarter gains in nearly a decade, as tight supply and positive signs for the global economy supported prices.Brent crude for June delivery was up 96 cents, or 1.42 percent, at $68.54 a barrel by 0900 GMT, havin g risen 27 percent in the January-March period.U.S. West Texas Intermediate futures ros e 56 cents, or 0.93 percent, to $60.70 a barrel, after gaining 32 percent in the first quarter. Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks have boosted sentiment, helping to buoy regional stock markets. continu