Crude oil began trading today with a 5-percent gain following favorable reports from G20, where Presidents Trump and Xi agreed on a 90-day truce and Russia’s Vladimir Putin said Russia will extend its cooperation on production with OPEC into 2019. Effectively, this means Russia will take part in the production cuts that are to be discussed at the Vienna meeting of OPEC+ this week, although Putin added that the size of the cut Russia will enforce has yet to be determined. The Trump-Xi truce, for its part, had a favorable effect on prices especially because it envisaged China opening its markets for more energy imports, among others. Also, the two sides agreed to freeze tariffs where they are for three months, while negotiations continue. While crude oil has not been included in the tariff lists, the possibility of this happening has made traders jittery. Now, for three months at […]