Oil prices rise after US, China agree to hold off on new tariffs

[NEW YORK] US and Brent crude oil futures jumped in early trading on Sunday after the United States and China came to an agreement on Saturday on trade issues that would put off new tariffs.

China and the United States agreed to halt additional levies in a deal that keeps their trade war from escalating, as the two nations will attempt to reach an agreement with new talks.

US crude oil was up US$1.37 a barrel, or 2.7 per cent, to US$52.37 a barrel as of 6.07pm EST (2307 GMT), while Brent, the international benchmark, gained US$1.31 a barrel, or 2.2 per cent, to reach US$60.77 a barrel.

REUTERS