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Oil surges 5 percent on trade truce and expected supply cuts

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to agree to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing slightly to around $53.50 by 0830 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $63.15.China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading ...

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First Published: Mon, December 03 2018. 14:45 IST
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