Oil surges almost 4 percent on trade truce, expected supply cuts | Reuters

Oil surges almost 4 percent on trade truce, expected supply cuts | Reuters:

Oil prices jumped nearly four 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. 

Brent crude futures rose $2.23 to settle at $61.69 a barrel, a 3.75 percent gain. U.S. West Texas Intermediate (WTI) crude futures gained $2.02 to settle at $52.95 a barrel, a 3.97 percent increase.

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