Oil prices jump more than 3% after China, US tariff suspension

Oil prices rocketed more than three percent Monday after China and the United States agreed to suspend sweeping mutual tariffs and look to dial down a painful trade war between the economic superpowers.

West Texas Intermediate jumped 3.6 percent to $63.24 and Brent climbed 3.4 percent to $66.11 on hopes a pullback in tensions will support the global economy and boost demand for the commodity.