How does oil market respond to Qatar's withdrawal from OPEC?

How does oil market respond to Qatar's withdrawal from OPEC?

Oil prices spiked higher this morning after the U.S. and China agreed to a 90-day truce in their trade war over the week-end at the G20 summit in Argentina. Traders are also reacting to expectations that OPEC and its allies will agree to production cuts at its meeting in Vienna on December 6-7.

WTI rose $2.92 a barrel to a high of $53.85, up 5.7%, before easing to around $53.00 by 09:30 GMT after Qatar's announcement. Brent crude rose 5.3% or $3.14 to a high of $62.60 and was last trading around $61.60, Reuters reported.

Qatar today announced plans to pull out of OPEC on January 1, 2019.

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