Crude Oil Prices Rise on Positive Demand Signals

In a significant move that has buoyed the energy market, crude oil prices climbed more than 2% early Monday. This uptick comes as the United States and China have reached an agreement to substantially reduce mutual tariffs for a period of 90 days, easing some of the pressure that has been weighing down energy prices.

Market Reaction to the News

By 4:45 am ET, West Texas Intermediate (WTI) for June deliveries had increased by 2.22%, reaching $62.67 per barrel. Shortly thereafter, Brent crude for July settlements saw a similar rise of 2.23%, trading at $65.59 per barrel.