Oil jumps 4% after Trump pauses tariffs, raises China levy

Brent futures settled up US$2.66, or 4.23%, to US$65.48 a barrel. US West Texas Intermediate crude futures closed US$2.77, or 4.65%, higher at US$62.35.

NEW YORK: Oil prices climbed more than 4% on Wednesday, bouncing back from four-year lows earlier in the session, after US President Donald Trump said he would further increase tariffs on China but pause the tariffs he announced last week for most other countries.

Trump authorized a 90-day pause and raised the tariff rate for China to 125%, effective immediately. The previously announced 104% tariff on China kicked in earlier on Wednesday.