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Crude Oil Prices Rebound From Early Selling

Crude oil prices shook off early weakness and moved sharply higher on Tuesday after U.S. Trade Representative Robert Lighthizer announced a delay in imposing new tariffs on certain Chinese products.

The announcement comes less than two weeks after U.S. President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports, sparking a global desire for safe havens.

West Texas Intermediate crude oil futures for September soared $2.17 or 4 percent to $57.10 a barrel after the trade announcement after moving as low as $54.21 a barrel earlier in the day.

The early downward pressure was the result of fears that the deepening U.S.-China trade war would overshadow fresh efforts by OPEC and its non-OPEC partners to curb supply.

Saudi Arabia, the de-facto leader of OPEC, said late last week it is taking steps to keep its crude oil exports below 7 million barrels per day in August and September.

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