Economics
Oil Leaps Most This Year as Tariff Delay Eases Fears
- China says trade negotiations will continue in two weeks
- But rally slows as API sees surprise gain in U.S. crude stocks
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Crude oil jumped the most this year as the trade deadlock between the world’s biggest economies showed signs of easing, calming fears that global economic growth would be endangered.
Futures surged 4.7% in London on Tuesday, settling above $61 a barrel for the first time in more than a week. Optimism swept across financial markets after the U.S. postponed tariffs on some Chinese goods and the Asian powerhouse said the two sides will hold new talks in two weeks. New York-traded crude climbed 4%.