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Oil surges as U.S., China agree
ceasefire in trade war

Reuters, by Henning Gloystein

Original Article

Posted By:Attercliffe, 12/2/2018 8:47:09 PM

SINGAPORE - Oil prices climbed by around 4 percent on Monday after the United States and China agreed a truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut. U.S. West Texas Intermediate (WTI) crude futures were at $53 per barrel at 0125 GMT, up $2.07 per barrel, or 4.1 percent from their last close. International Brent crude oil futures were up $2.18 per barrel, or 3.7 percent, at $61.64 a barrel. China and the United States agreed during the meeting of the Group of 20 (G20)


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Reply 1 - Posted by: Ribald1, 12/2/2018 9:48:32 PM     (No. 11850851)

The previous tariffs had the bears all coming out of hibernation due to the collapse of US exports. People were starting to hedge against an economic downturn next year. This is a relief, but only 90 days.

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