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

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

Oil prices rose more than 3% on Tuesday after the United States said it will remove some products from its China tariff list, easing concerns over a global trade war that has pummeled the market in recent months.

Brent crude futures LCOc1 were up $1.75, or 3.1%, from the previous settlement at $60.32 a barrel by 1357 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.

U.S. West Texas Intermediate (WTI) CLc1 futures were up $1.38, or 2.5%, at $56.31.

The U.S. dollar index .DXY jumped and bond yields also turned higher after the U.S. Trade Representative said some products were being removed from the China tariff list.