Oil jumps 2 percent on expectations of production cuts | Reuters

Oil jumps 2 percent on expectations of production cuts | Reuters:

Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a mandated reduction in Canadian supply. 

Brent crude oil LCOc1 rose $1.55 or 2.5 percent to a high of $63.24 by 0955 GMT. U.S. light crude CLc1 was $1.25 higher at $54.20.

Both benchmarks climbed around 4 percent on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed at a meeting of the Group of 20 industrialized nations (G20) to pause an escalating trade dispute.