Oil prices soared on Monday 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 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 exporters was cheered by oil traders, with Brent jumping USD 2.42 to USD 53.35 and West Texas Intermediate up USD 2.60 at USD 62.06 on Monday. Read More