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Oil jumps more than 3% as fears of a trade war between US and China ebbed

UNITED STATES (OBSERVATORY) – Oil prices jumped more than 3 percent on Tuesday as investor confidence grew that the United States and China would find a solution to their trade dispute without hurting the global economy.

Tensions in the Middle East and the dollar’s weakness have also fueled crude prices.

Brent crude ended the day at $ 2.39, or 3.5 percent, at $ 71.04 a barrel. It was the biggest one-day gain in terms of the percentage since September.

In subsequent trading, Brent hit $ 71.34, its highest level since December 2014.

US WTI crude futures rose 2.09 dollars, or 3.3 percent, to settle at $ 65.51 a barrel.

Standard crude prices jumped more than 5 percent in the previous two trading sessions to erase last week’s losses as concern over a possible trade war between the world’s two biggest economies plunged oil prices by more than 4 percent.