Brent rallies 5% to two-week high

Brent rallied over 5% on Monday away from 13-month lows, marking two-week highs after China and the US announced a trade truce. 

Brent rose over 5% to $62.58 a barrel, marking two-week highs, after losing 1.1% on Friday after rebounding on Thursday from 13-month lows at $58.42.

Oil lost 22% on average in November, the second monthly loss in a row, and the largest since November 2014. 

This is the largest monthly loss in four years amid market concerns of another supply glut as major global producers pump record highs while demand weakens around the world. 

On Sunday, the White House released a statement of the dinner attended by world leaders at the G20 Summit, with both President Donald Trump and Xiu Jinping discussing the trade dispute between the two countries. 

The statement noted that Trump agreed to hold off raising tariffs on $200 billion worth of Chinese product by January 2019, as US and Chinese officials will continue to negotiate the hanging trade issues in the next 90 days. 

Trump and Jinping reached an agreement to hold off the reciprocal tariffs for three months until negotiations progress far enough. 

Otherwise, OPEC is scheduled to convene in Vienna next Thursday, with OPEC and Russia expected to announce production cuts to buoy prices. 

Qatar has announced its withdrawal from OPEC on Monday by next January, with Qatar's share amounting to 600 thousand bpd, as the country otherwise is the largest exporter of liquefied natural gas in the world.