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Oil prices surge almost 4% on US-China trade truce, expected supply cuts

Brent crude futures rose $2.23 to settle at $61.69 a barrel, a 3.75 percent gain

Topics
Us China Trade War  |  Opec  |  Global Economy

Reuters  |  New York 

Oil prices jumped nearly four percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply. Brent crude futures rose $2.23 to settle at $61.69 a barrel, a 3.75 percent gain. U.S. West Texas Intermediate (WTI) crude futures gained $2.02 to settle at $52.95 a barrel, a 3.97 percent increase. Both benchmarks surged more than 5 percent earlier in the session. China and the United States agreed during a weekend meeting in Argentina ...

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First Published: Tue, December 04 2018. 01:42 IST
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