Oil soars near 5% as US delays tariffs on some Chinese goods

[NEW YORK] Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10 per cent tariff on certain Chinese products, easing concerns over a global trade war that has pummelled the market in recent months.

Brent futures rose $2.73, or 4.7 per cent, to settle at $61.30 a barrel, while US West Texas Intermediate crude gained $2.17, or 4.0 per cent, to settle at $57.10.That was the biggest daily percentage gain for Brent since December when the contract gained 7.9 per cent.Oil prices pared some of their gains in post-settlement trade after data from industry group the American Petroleum Institute showed US crude stocks unexpectedly rose last week.

"The possibility that the United States and China can get the trade talks on track ... is raising hopes that they might actually get some type of deal," said Phil Flynn, analyst at Price Futures Group in Chicago.Before the US announcement about the tariff delay, Brent futures were still trading about 20 per cent below the 2019 high they hit in April.

"If we get the drawdown in inventory that most people are looking for, that is going to get the market a lot tighter," said Mr Flynn.

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