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Oil prices surge after U.S., China suspend trade hostilities

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut. U.S. West Texas Intermediate (WTI) crude futures were at $53.78 per barrel at 0300 GMT, up $2.85 per barrel, or 5.6 percent from their last close. U.S. crude prices were further supported by an announcement from Canada that Alberta province would cut output to deal with a pipeline bottleneck that has led to crude building up in storage. Most of ...

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First Published: Mon, December 03 2018. 09:00 IST