An oil pump is seen in a field on April 08, 2025 in Nolan, Texas.
Brandon Bell | Getty images
US crude crude oil contracts have jumped more than 4% on Wednesday, reserving his best day since October 2024 after President Donald Trump announced a lower rate rate for countries except China.
THE American benchmark increased by $ 2.77, or 4.65%, to end $ 62.35 per barrel, while Global Benchmark Brent Won $ 2.66, or 4.23%, to set up at $ 65.48 per barrel.
The American crude has reached an intra -day hollow of $ 55.12 earlier in the session after Beijing announced 84% tariffs on American goods in response to Trump samples. China's prices come into force on April 10.
But the oil market has turned around, swinging more than 13% of its hollow after Trump reversed the course spectacularly on his trade war. The president said that the 10% lower rate rates would apply to countries for 90 days with the exception of China. It increased rates on China to 125% to count immediately.
The traders feared that the world descends into a full -fledged trade war which triggers a recession, reaching the demand for crude oil. OPEC +, on the other hand, agreed to accelerate production in May, which will bring more oil to a market that was already faced with a surplus.
The collision of recession fears and the growth of oil feeding is a “toxic cocktail”, said on CNBC, Helima Croft, a global leader of RBC goods strategy, on Tuesday.
The United States and Iran are expected to hold talks in Oman on Saturday to discuss the Islamic Republic nuclear program. Successful negotiations could lead to more Iranian oil on the world market.
