Oil jumps 4%, Brent exceeds $65

Oil drilling rigs

Oil prices edged higher today, April 9, as markets assessed US President Donald Trump's 90-day suspension of several new tariffs.

Brent crude futures for June delivery rose 3.95%, or $2.48, to $65.30 a barrel, after sinking to $58.40.

WTI crude futures for May delivery surged 4.65%, or $2.77, to $62.35 a barrel, after falling to $55.12.

"We now return to our previous baseline forecast, with fourth-quarter GDP growth of 0.5%, core PCE inflation peaking at 3.5%, and a 45% probability of recession," Goldman Sachs analysts said in a new note to clients following Trump's announcement.

Data from the Energy Information Administration revealed that US crude oil inventories increased by 2.6 million barrels during the week ended April 4, with production declining by 122,000 barrels to 13.5 million barrels per day.

Prices fell earlier after China's Ministry of Finance announced an 84% tariff on US goods effective Thursday, up from the previously announced 34%.