Oil prices fall, then recover, after Trump announces 90-day tariff pause
Oil prices swung wildly on Wednesday, sinking to a four-year...
Oil prices swung wildly on Wednesday, sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war, before jumping 2% after President Donald Trump announced a 90-day pause on most of his tariffs.
U.S. benchmark crude followed U.S. markets higher in the afternoon, rising 2%, or $1.20, to $60.79 per barrel after the latest reversal by the Trump administration.
That's after it declined 4.3% to $56.98 per barrel as late as midday on the New York Mercantile Exchange. Prices had fallen further earlier in the day to levels not seen since February 2021, the depth of the COVID-19 pandemic.
Energy prices have mostly declined since Trump's inauguration in January, with the cost of a barrel of oil sliding about $20 since the start of the year. At this time last year, a barrel of U.S. crude cost $85. A barrel was going for around $71 at the beginning of April, before tariffs were launched.
Brent crude, the European standard, also climbed into positive territory Wednesday to $63.90 per barrel.
Dow books 2,900-point gain, Nasdaq up 12% as stocks soar on Trump's tariff pause
The Dow Jones Industrial Average jumped by almost 3,000...
The Dow Jones Industrial Average jumped by almost 3,000 points on Wednesday, its most ever for one day, after President Donald Trump's 90-day pause on most reciprocal tariffs and a surprisingly strong Treasury auction.
The Nasdaq Composite and S&P 500 also secured their biggest one-day point gains on record. The Nasdaq had its best day in 24 years, while Wednesday was the S&P 500's best day in more than 16 years.
The Dow Jones rose 2,962.86 points, or 7.9%, to close at 40,608.45, based on preliminary data. That exceeded the 2,112.98-point gain seen on March 24, 2020.
The S&P 500 rose 474.13 points, or 9.5%, to end at 5,456.90, breaking a four-session streak of losses. That was its biggest percentage gain since Oct. 28, 2008.
The Nasdaq Composite jumped 1,857.06 points, or 12%, to finish at 17,124.97. That was its largest percentage gain since Jan. 3, 2001.
Trump Backs Down on Most Reciprocal Tariffs for 90 Days
On Wednesday, President Trump said he would pause his...
On Wednesday, President Trump said he would pause his reciprocal tariffs for most countries for the next 90 days, backing down on his policy that had sent markets into a tailspin and threatened to upend global trade. However, Mr. Trump said his break did not include China, announcing he would raise tariffs on its exports to 125 percent after Beijing announced a new round of retaliation.
The White House press secretary, Karoline Leavitt, said the tariff level would be brought down to a universal 10 percent—a significant reduction for many countries.
Crude oil prices slumped to their lowest level since 2021 after the U.S....
Crude oil prices slumped to their lowest level since 2021 after the U.S. announced a fresh 50% tariff for Chinese imports following Beijing’s refusal to withdraw its retaliatory 34% tariffs announced in response to Washington’s imposition of a 34% tariff rate on top of already existing levies.
When this morning's report was written, Brent crude was trading at $59.07 per barrel, with West Texas Intermediate at $55.46 per barrel, both down by over 4% from Tuesday’s close. Since the start of the year, the benchmarks have shed more than $10 per barrel, and most analysts expect the rout to deepen as fears run high that tariffs would sap oil demand.
“China’s aggressive retaliation diminishes the chances of a quick deal between the world’s two biggest economies, triggering mounting fears of global economic recession,” Rystad Energy Vice President for oil markets, Ye Lin, told Reuters. “China’s 50,000 bpd to 100,000 bpd of oil demand growth is at risk if the trade war continues for longer; however, a stronger stimulus to boost domestic consumption could mitigate the losses,” the analyst added.
Two 30-inch pipelines connecting the Delaware and Central basins in Texas...
Two 30-inch pipelines connecting the Delaware and Central basins in Texas would move produced waters to areas less prone to earthquakes and support future desalination efforts, according to water management firm WaterBridge, which announced the project. Leaders of the Speedway Pipeline project are seeking producers to support the project.
