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by Stockwatch Business Reporter

In a roller coaster of a day, West Texas Intermediate crude for May delivery slid toward $55 before abruptly reversing and settling up $2.77 to $62.35 on the New York Merc (all figures in this para U.S.). Brent for June, after an early tumble below $60 for the first time in more than four years, added $2.66 to $65.48. Western Canadian Select traded at a discount of $15.10 to WTI, down from a discount of $11.20. Natural gas for May added 35 cents to $3.81. The TSX energy index shot up 18.79 points to close at 239.44.

After a rough start to the session, oil prices surged with broader markets after U.S. President Donald Trump announced a 90-day pause on many of the global tariffs that he imposed last week (backtracking on his statement just two days ago that he was "not looking at" a pause). The respite will not apply to China. A 104-per-cent tariff on Chinese goods went into effect today, prompting China to retaliate with an 84-per-cent levy on U.S. imports, to which Mr. Trump's response on social media was that China will now face a 125-per-cent tariff because of its "lack of respect." Mr. Trump used his social media account to make the announcement. The White House subsequently clarified that the 90-day pause means that global tariffs will be "brought down to a universal 10-per-cent tariff" while "negotiations are ongoing."

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