Oil soars near 5% on easing U.S.-China trade tensions - Reuters

Oil soars near 5% on easing U.S.-China trade tensions - Reuters:

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.

The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.

“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.

Brent LCOc1 futures were up $2.69, or 4.6%, at $61.26 a barrel by 1:33 p.m. EDT (1733 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 was up $2.07, or 3.8%, at $57.00.

That put Brent futures on track for their biggest daily percentage gain since December.