Crude Oil Pulls Back Sharply After Yesterday's Surge

(RTTNews) - Following the substantial rebound seen over the course of the previous session, the price of crude oil showed a significant move back to the downside during trading on Thursday.

Crude for May delivery has plunged $2.07 or 3.3 percent to $60.28 a barrel, partly offsetting the $2.77 or 4.7 percent spike seen during Wednesday's trading.

While President Donald Trump's announcement of a 90-day pause on new "reciprocal tariffs" on most countries contributed to yesterday's surge, the exclusion of China has led to ongoing concerns about the outlook for demand.

Trump also announced he is raising the tariff on China to 125 percent due to the "lack of respect" they have shown to the world's markets.

The U.S. and China have been engaged in a tit-for-tat exchange on trade in recent days, with China increasing its tariffs on U.S. goods to 84 percent from 34 percent after Trump previously raised the total rate on Chinese imports to 104 percent.