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well prices jumped Monday as traders bet OPEC will extend production cuts signs of a truce in US China trade tensions also helping and ends to their spot could help provide global growth and oil Dimond , crude produces cartel is meeting this week in Vienna in cooperation with ally Russia it's been reducing output since twenty seventeen in a bid to prevent prices from falling now it looks all but certain to maintain current limits until at least the end of the year international benchmark Brent crude jumped to percent following the news Iran US tensions one big X. factor the , tankers have already been attacked in the Gulf low blame for the incidence is disputed , now a major flare up could see the strait of whole moos close to two oil shipments a fifth of the world's crude about seventeen million barrels per day flows through a shipping lane that just two miles wide , U. S. production poses another big question Washington isn't a member of OPEC but the country is now the world's biggest oil producer , production cubs were partly spurred by surging US output another sign that these days even the Saudi led club doesn't get to dictate global oil prices