Oil Climbs Near 5% as U.S. Delays Tariffs on Some Chinese Goods

August 14, 2019

Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing tariffs on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.

The postponed 10% tariffs had been scheduled to start next month on Chinese products that include laptops and cellphones.

Brent futures rose by $2.73, or 4.7%, to settle at $61.30 a barrel.

U.S. West Texas Intermediate crude gained $2.17, or 4.0%, to settle at $57.10 per barrel.

That was the biggest daily percentage gain for Brent since December when the contract gained 7.9%.

(Reuters)