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. Most analysts expect a cut of around one million barrels per day, but some say this may not be enough to arrest the decline in prices. “It’s a huge week not only for oil markets but capital markets in general,” said Stephen Innes, head of Asia-Pacific trade at OANDA.

Source: Egypt Independent December 03, 2018 09:00 UTC