COMMODITY
Crude oil futures end higher after US backs off on some tariffs on Chinese imports
Aug-14-2019

Crude oil futures end higher with gain of four percent on Tuesday, following reports that the US will delay tariffs on certain Chinese products until December, as the two nations look to continue discussions on trade, easing fears about a global economic slowdown. The US will delay imposing 10% tariffs on certain Chinese products, including cellphones and laptop computers, until December 15. However, the Energy Information Administration (EIA) said it expected US oil production in the shale regions to rise to 8.768 million barrels a day in September, an increase of 85,000 barrels a day from August.

Benchmark crude oil futures for September surged $2.17 or 4 percent to settle at $57.10 a barrel on the New York Mercantile Exchange. October Brent rose $2.73 cents or 4.7 percent to settle at $61.30 a barrel on London's Intercontinental Exchange.

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