The price of crude oil rose by over 1.5% on Wednesday after United States President Donald Trump signaled he intends to lower tariffs on Chinese imports, which could alleviate some growth concerns and boost demand. The US also imposed sanctions on an Iranian oil and liquefied petroleum gas shipping network, constraining Iran's energy exports.
West Texas Intermediate for deliveries in June added 1.68% at 5:13 am ET, going for 64.69 per barrel, while Brent for settlements in June improved by 1.60% and sold for $68.50 per barrel a minute later.
