Oil prices surged more than 3 percent Monday on prospects for a cut in global output and hope that a ceasefire in the U.S.-China trade war will boost demand for the commodity.

The U.S. benchmark crude oil, West Texas Intermediate, popped more than 5 percent early Monday before paring that gain.

One reason for the gain was the weekend announcement that China would substantially increase its purchases of energy, industrial and agricultural products from America, and President Trump would put on hold his plans to increase tariffs on Chinese goods, including iPhones and laptops.

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