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NEW YORK (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. 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 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. China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes. The trade war between the world’s two biggest economies has weighed heavily on global trade and sparked concerns of an economic slowdown. Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment was supporting crude markets. […]
