Oil Prices Jump After U.S. and China Slash Tariffs

Oil prices were surging on Monday after the U.S. and China brokered a deal to pause most tariffs on each other's goods for the next 90 days.

The Brent international benchmark gained 3.1% to trade at just under $66 a barrel, and West Texas Intermediate U.S. crude prices were up 3.3% to above $63 a barrel.

Prices were surging after Washington and Beijing said they would cut levies to 10% from 125%, with the reductions set to last 90 days while trade negotiations continue. Investors are hopeful that a thawing in tensions between the world's two largest economies will boost the global trade in crude.