WASHINGTON (dpa-AFX) - Following the sharp upward move seen over the two previous sessions, the price of crude oil showed another strong move to the upside during trading on Monday.
Crude for June delivery jumped $0.93 or 1.5 percent to $61.95 a barrel after soaring by 4.7 percent last week due to a spike last Thursday and Friday.
The continued surge by the price of crude oil came amid optimism about the outlook for demandafter the U.S. and China reached a trade deal that drastically reduces the massive tariffs on each other's goods.
The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff.
The U.S. will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent.
In previous tit-for-tat moves, tariffs on U.S. and Chinese goods had spiked as high as 125 percent and 145 percent, respectively, which Treasury Secretary Scott Bessent had described as the 'equivalent of an embargo.'
The White House said the 34 percent reciprocal tariffs on U.S. and Chinese goods will be suspended for 90 days beginning Wednesday, May 14th.
Both nations also agreed to establish a mechanism to continue important discussions about trade and economics, the White House said.
President Donald Trump told reporters 'maybe the most important thing' to come out of the trade talks was that China has 'agreed to open up.'
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