Oil Jumps After U.S. Trade Court Blocks Trump’s Tariffs
Oil jumped after a U.S. trade court blocked President Donald Trump’s global tariffs, deeming them illegal.
West Texas Intermediate rose above $62 a barrel after rising 1.6% in the previous session, while Brent settled near $65.
Trump’s massive tariffs and retaliatory actions by targeted countries have roiled global markets and raised concerns about an economic slowdown. The ruling could be impressive. WTI for July delivery jumped 0.9% to $62.40 a barrel at 7:36 a.m. in Singapore.
Brent for July settlement closed 1.3% higher at $64.90 a barrel on Wednesday.
Source: Bloomberg