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Oil jumps 2 percent on expected production cuts

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a reduction in Canadian supply.Benchmark Brent crude oil jumped by $1.89 to a high of $63.58 before easing back to trade around $63 at 1200 GMT. U.S. light crude was up $1 at $53.95 after gaining more than 3 percent to an intraday high of $54.55.Both benchmarks climbed by around 4 percent on Monday after U.S. President Donald Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialised nations (G20) ...

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First Published: Tue, December 04 2018. 18:00 IST
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