Oil futures rallied on Tuesday, sending U.S. prices up by 4% to their highest finish in almost two weeks, following news that the U.S. will delay tariffs on certain Chinese products until December, as the two nations look to continue discussions on trade, easing fears about a global economic slowdown.
Prices had declined in early dealings on worries over the economic outlook were heightened by ongoing protests in Hong Kong and a possible crackdown by China.
The U.S. benchmark, West Texas Intermediate crude for September delivery on the New York Mercantile Exchange, rose $2.17, or 4%, to settle at $57.10 a barrel—the highest finish for a front-month contract since July 31, according to Dow Jones Market Data.
The global benchmark, October Brent crude added $2.73, or 4.7%, to $61.30 a barrel on ICE Futures Europe, scoring the biggest one-day percentage rise year to date.
Source : Marketwatch