Crude oil futures jumped more than $2/b during mid-morning trade in Asia Monday after the US and China agreed to a temporary truce on tariffs pending further trade negotiations. All eyes are now turning to the OPEC/non-OPEC meeting in Vienna over December 6-7, where a decision on whether to cut output is set to be taken. At 10:55 am Singapore time (0230 GMT), new front month ICE February Brent crude futures were up $2.90/b (4.88%) from Friday’s settle at $62.36/b, while the NYMEX January light sweet crude contract was $2.77/b (5.44%) higher at $53.7/b. The US and China have agreed to resume trade negotiations and temporarily halt further tariff hikes, which should help restore trade flows between the two countries for some commodities in the agriculture and petroleum sectors that had been impacted by the […]