Oil surges 5 percent on trade truce, expected supply cuts 4:56am EST [Reuters]
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Source: Reuters
Oil surges 5 percent on trade truce, expected supply cuts | Reuters 3 Min Read LONDON (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 cut supply. U.S. light crude oil CLc1 rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 0930 GMT. Brent crude LCOc1 rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.60. “From Argentina to Alberta, the oil market news is about supply curtailments,” said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. “A brightening market mood will likely extend today’s price rally in the very near term.” China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existi
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