Inflation in Turkey dropped for the first time to nearly 22 percent last month after surging to a 15-year high in October, official statistics showed on Monday. 

Oil prices soared on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.

The tiny, energy-rich Arab nation of Qatar announced on Monday it would withdraw from OPEC, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha.

The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $30 a barrel.

Germany and France will on Monday seek to revive the long-delayed EU financial transaction tax by proposing that member states be allowed to use the revenues to reduce their EU budget contributions, a German newspaper reported.

China has agreed to scale back tariffs on imported US cars, President Donald Trump said Sunday, one day after agreeing with Xi Jinping to a ceasefire in the trade war between the world's top two economies.

U.S. President Donald Trump and China's Xi Jinping have agreed to suspend any new tariffs in the escalating trade war between the world's two largest economies, even if huge existing duties will remain in place.

Iran said Saturday it had finalised a deal with South Korea to trade oil for goods, skirting renewed US sanctions.

President Donald Trump said Friday that there are "good signs" ahead of talks with his Chinese counterpart Xi Jinping on resolving their countries' heavyweight trade war.

"There's some good signs, we'll see what happens," the U.S leader said in Buenos Aires, where he was attending the Group of 20 summit and was to have dinner with Xi on Saturday.

Economists and investors have been scratching their heads this week over signals from the Federal Reserve, which left the future of U.S. monetary policy open to broadly divergent interpretations.

President Nicolas Maduro on Thursday increased Venezuela's minimum wage by 150 percent, the sixth readjustment this year, as part of an economic reform plan that has failed to curb rampant inflation.