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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, ...

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