Oil prices rose more than 3% on Monday after China and the US agreed to suspend part of the reciprocal tariffs that each country has imposed on the other.
Brent crude oil rose 3,6% in the early afternoon to $66,18 a barrel, while U.S. crude rose 3,7% to $63,30 a barrel.
Under the agreement, the US will reduce the additional tariffs it imposed on China this year to 30% from 145%, and in response, Beijing will reduce its tariffs on US products to 10% from 125%.
Source: KYPE
