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NEW YORK (Reuters) – Oil prices jumped nearly 4 percent on Tuesday after the US announced a 10 percent tariff shift on some Chinese products.
Chinese products include laptops and cell phones. The new fees are due to come into effect next month.
Futures contracts on Brent rose $ 2.21, or 3.81%, to $ 60.82 per barrel.
US crude increased $ 2.03, or 3.7%, to $ 56.96 per barrel.
Before yesterday's gains, Brent was down more than 20% since its peak of 2019 in April.
Earlier in the day, the Brent premium on US crude fell to its lowest level since March 2018.
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