A big jump in oil prices

Oil prices jumped on Tuesday after Washington announced the postponement of tariffs on Chinese products, which was perceived by traders as a lull in the trade war raging between Washington and Beijing.

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According to Bloomberg, the Brent contracts were traded at 5:35 pm (Moscow time) at $ 60.80 per barrel, up 4% from the previous settlement price.

WTI crude traded at $ 56.85 per barrel, up 3.5% from the previous close.

The following is a graph showing Brent trading today:

Bloomberg

Bloomberg

This rise came after the office of the US Trade Representative announced that the administration of US President Donald Trump had decided to postpone the imposition of customs duties on a group of Chinese products in mid-December .

He added that the administration would defer the 10% tariff on Chinese products, including laptops and smartphones, until December 15, which was due to arrive next month.

Source: RT + "Bloomberg"

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