REPOST: Oil prices soar after U.S., China suspend trade hostilities

Here is some good news from Reuters for the oil and gas community:

SINGAPORE (Reuters) – Oil prices shot higher on Monday after the United States and China agreed a 90-day 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.

FILE PHOTO: A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.38 per barrel at 0220 GMT, up $2.45 per barrel, or 4.8 percent from their last close.

International Brent crude oil futures LCOc1 were up $2.38 per barrel, or 4 percent, at $61.84 a barrel.

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

The trade war between the world’s two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown.

 

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