WASHINGTON (dpa-AFX) - Extending the surge seen over the past several sessions, the price of crude oil showed another significant move to the upside during trading on Tuesday.
Crude for June delivery surged $1.72 or 2.8 percent to $63.67 a barrel after soaring $4.25 or 7.4 percent over the three previous sessions.
With the continued upward move, the price of crude oil reached its highest closing level in almost a month.
Crude oil futures continued to benefit from optimism about the outlook for demand after 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.
Meanwhile, traders largely shrugged off news that President Donald Trump announced the U.S. will remove all sanctions on Syria.
'I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,' Trump said at the U.S.-Saudi Investment Forum in Riyadh, Saudi Arabia.
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