Oil Rises 3 Percent on Trade Truce and OPEC-Russia Cuts

December 3, 2018 Share Print 0

Oil prices jumped by more than 3 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 $1.86, or 3.1 percent, to $61.32 a barrel, by 11:07 a.m. EST (1607 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.68 to $52.61 a barrel, a 3.3 percent gain.

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

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.