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Oil Rises 3 Percent on Trade Truce and OPEC-Russia Cuts

Oil prices jumped by more than 3 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute and Canada’s Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.

West Texas Intermediate graph

Brent crude futures rose $1.86, or 3.1 percent, to $61.32 a barrel, by 11:07 a.m. EST (1607 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.68 to $52.61 a barrel, a 3.3 percent gain.

Brent crude graph

Both benchmarks surged by more than 5 percent earlier in the session.

via Reuters

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