US EditionOil prices climb 2% to two-week high
- On Monday, after weekend discussions in Geneva, officials from China and the U.S. Announced a temporary reduction in tariffs as part of ongoing trade negotiations.
- This agreement comes after a prolonged tariff dispute between the two largest oil-consuming nations, which had caused oil prices to drop to a four-year low in April.
- The deal implements a 90-day tariff pause, cutting rates by over 100 percentage points to a 10 percent baseline, while further discussions on trade will continue.
- Brent crude futures rose 2.1% to $65.26 a barrel and U.S. WTI crude gained 2.3% to $62.42, reflecting a “larger-than-expected de-escalation” that improved demand outlook, said ING analysts.
- The temporary tariff suspension helped alleviate concerns about extended economic damage, supported gains in oil and stock markets, and increased optimism about resolving the ongoing trade dispute between the two largest global economies.
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Oil prices climb 2% to two-week high
Oil prices climbed about 2% to a two-week high on Monday after the US and China agreed to temporarily slash tariffs, raising hopes of an end to the trade war between the world's two biggest economies. Brent crude futures rose $1.35, or 2.1%, to $65.26 a barrel by 1539 GMT, while US West Texas Intermediate (WTI) crude gained $1.40, or 2.3%, to $62.42. The US and China reached a better-than-expected deal to temporarily slash tariffs, sending Wall …
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Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
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