Oil prices jump five per cent on US-China trade war ceasefire
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Oil prices jump five per cent on US-China trade war ceasefire; Qatar announces its exit from OPEC
Oil prices soared on December 3 after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.
Russian President Vladimir Putin said on Saturday he and Crown Prince Mohammed bin Salman "have agreed to extend our agreement" to limit production as prices slump on global markets.
An existing deal committing OPEC and non-members to cuts expires this year.
While there was no announcement on how much would be cut and for how long, the pact between the world's two biggest crude oil exporters was cheered by oil traders, with Brent jumping $2.42 to $53.35 and West Texas Intermediate up $2.60 at $62.06 on Monday.
There was a slight paring of prices after Qatar announced it would be leaving OPEC next year as it looks to concentrate on its gas production, though it would continue to pump crude. The country contributes a fraction of the entire output from the group.
Oil prices soared on December 3 after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.
Russian President Vladimir Putin said on Saturday he and Crown Prince Mohammed bin Salman "have agreed to extend our agreement" to limit production as prices slump on global markets.
An existing deal committing OPEC and non-members to cuts expires this year.
While there was no announcement on how much would be cut and for how long, the pact between the world's two biggest crude oil exporters was cheered by oil traders, with Brent jumping $2.42 to $53.35 and West Texas Intermediate up $2.60 at $62.06 on Monday.
There was a slight paring of prices after Qatar announced it would be leaving OPEC next year as it looks to concentrate on its gas production, though it would continue to pump crude. The country contributes a fraction of the entire output from the group.
