You are here: Home » Reuters » News
Business Standard

Oil surges 5 percent on trade truce, 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 a 90-day truce in a trade dispute, Canada's Alberta province ordered a production cut, and as exporter group OPEC looked set to reduce supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.25 by 1420 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $62.00, up $2.54."From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rucker, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, December 03 2018. 20:14 IST