Crude oil prices shot up $1.60 a barrel on Tuesday following word of the temporary cut in the U.S. and China tariffs. Plus, there was a better-than-expected inflation report.
The Labor Department reported the Consumer Price Index rose 2.3% in the 12 months through April.
Also, Oklahoma energy stocks had a strong day with all but a few firms recording gains including one with a 21% climb for the day.
Global benchmark Brent crude rose $1.67 or 2.57% to reach $66.63 a barrel.
US benchmark West Texas Intermediate gained $1.72 or 2.78% and finished the day at $63.67 a barrel on the New York Mercantile Exchange.
The two benchmarks rose by about 4% or more in the previous session after the U.S. and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar reported Reuters.
Natural gas prices finished Tuesday’s trading unchanged at $3.65.
Nearly all of the Oklahoma energy stocks recorded gains including Stardust Power with a 22% jump for the day. Vital Energy had a strong day based on its first quarter results, jumping 7%.
