Singapore — Oil prices surged on Monday after the US and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer cartel Opec that is expected to result in a supply cut. US West Texas Intermediate (WTI) crude futures were at $53.63 a barrel at 3.58am GMT, up $2.73 a barrel, or 5.4% from their last close. US crude prices were further pushed up by an announcement from Canada that Alberta province will force producers to cut output by 8.7%, or 325,000 barrels a day, to deal with a pipeline bottleneck that has led to crude building up in storage. Most of Alberta's oil is exported to the US. Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore said Alberta’s decision was “an unprecedented step to ease a crisis in the Canadian energy industry”. International Brent crude oil futures were up $2.80 a barrel, or 4.8%, at $62.30 a barrel. China and the US agreed during a weekend meeting in Argentina of the Group of 20 (G...

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