Oil soars over 3% on easing U.S.-China trade tensions
Oil prices rose over 3% on Tuesday after the United States said it will delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummelled the market in recent months.
Those Chinese products include laptops and cell phones. The tariffs had been scheduled to start next month.
Brent futures were up $2.08, or 3.6%, to $60.65 a barrel by 11:07 a.m. EDT (1507 GMT), while U.S. West Texas Intermediate crude was up $1.86, or 3.4%, to $56.79.
Reported by Street Insider