Oil prices surge on output cut pledge, US-China deal

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.

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