Oil Prices Jump After U.S. and China Slash Tariffs

Oil Prices Jump After U.S. and China Slash Tariffs

Oil prices were surging connected Monday aft the U.S. and China brokered a woody to intermission astir tariffs connected each other's goods for the adjacent 90 days.

The Brent planetary benchmark gained 3.1% to commercialized astatine conscionable nether $66 a barrel, and West Texas Intermediate U.S. crude prices were up 3.3% to supra $63 a barrel.

Prices were surging aft Washington and Beijing said they would chopped levies to 10% from 125%, with the reductions acceptable to past 90 days portion commercialized negotiations continue. Investors are hopeful that a thawing successful tensions betwixt the world's 2 largest economies volition boost the planetary commercialized successful crude.