Unipec, the Chinese oil trader, plans to resume oil supplies from the United States by March due to a truce in the trade war between the two largest economies in the world, Reuters reported, citing three sources familiar with the situation.
Crude posted its biggest gain in almost two months as the world’s largest oil exporters prepare to discuss global supplies.
Futures rose 2.4 percent in New York on Monday after registering the worst weekly swoon in more than 2 1/2 years. All eyes are on this week’s G20 gathering in Argentina that will include Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin. That event will be followed by a key OPEC meeting next week in Vienna.