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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 93 cents to $61.95 on the New York Merc, while Brent for July added $1.05 to $64.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, up from a discount of $13.50. Natural gas for June lost 15 cents to $3.64. The TSX energy index added 7.53 points to close at 259.03.

Oil prices bounded up as markets sighed in relief to see a reprieve in the trade war between the world's two largest economies. The U.S. and Chinese governments have jointly announced that the United States will reduce its tariffs on Chinese imports to 30 per cent from 145, while Chinese tariffs on U.S. goods will drop to 10 per cent from 125, effective for 90 days. Both countries will "continue discussions about economic and trade relations."

This marks the second major backtracking of the "Liberation Day"-styled tariffs that U.S. President Donald Trump unveiled on April 2 against almost every country in the world. Faced with collapsing markets and broad criticism of his approach, Mr. Trump announced a 90-day pause on most of those tariffs on April 9 -- a pause that is still in effect -- and has been renegotiating trade deals with individual countries. Today's 90-day rollback of U.S.-Chinese tariffs is a long way off from a deal, but according to the (rare) joint statement of the two governments, it assists in "moving forward in the spirit of mutual opening, continued communication, co-operation and mutual respect."

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