Caspian Energy Journal Caspian European Club
Monday, 03 December 2018 13:00

Oil surges on U.S.-China trade war ceasefire

Oil surges on U.S.-China trade war ceasefire

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, Caspian Energy News ( reports with reference to Reuters.

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.

International Brent crude oil futures were up $2.66 per barrel, or 4.5 percent, at $62.12 a barrel.

China and the United States agreed during a weekend meeting in Argentina of the Group of 20 (G20) leading economies not to impose additional trade tariffs for at least 90 days while the pair hold talks to resolve existing disputes.

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Person in charge of the newsline: Olga Nagiyeva 

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