In a swift response to the news that the United States and China agreed to drastically reduce their tit-for-tat tariffs for a 90-day period, oil prices grew over 3% on Monday
Brent climbed +2.44 or 3.82% to $66.35 at 12:44 PM WAT on hopes that a pullback in tensions will support the global economy and boost demand for the commodity. West Texas Intermediate jumped 3.6 per cent to $63.24.
The suspension of the tariff war was disclosed by the two countries in a joint statement after two days of trade talks in Geneva.