Brent crude climbs above $60 a barrel on tariff delay

US producer prices climb more than expected in June

Oil prices jumped above $60 a barrel on Tuesday after the Trump administration said it would delay the imposition of a set of tariffs against China until December, easing trade tensions.

The price of Brent crude, the international oil benchmark, rose $2.37 a barrel to $60.80. West Texas Intermediate, the US marker, increased $1.93 a barrel to $56.89, as concerns about weakening oil demand fell.

Oil prices slumped by as much as 5 per cent last week in response to a fresh round of tariffs announced by President Donald Trump in an escalation of the trade war.

Volatility in crude pricing has been high with opposing bullish and bearish factors. Aside from fears about weakening demand, US production is rising rapidly undermining supply curbs by Opec countries and their allies.

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