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Oil surges on U.S.-China trade war ceasefire, expected supply cuts

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices soared by more than 4 percent 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 $53.41 per barrel at 0739 GMT, up $2.48 per barrel, or 4.9 percent from their last close. U.S. crude prices were further pushed up by an announcement from Canada that Alberta province will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to ...

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First Published: Mon, December 03 2018. 13:17 IST
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