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Brent crude surges 4% after preliminary US-China trade deal

Economies.com
2025-05-12 14:47PM UTC

International benchmark Brent crude rallied 4% on Monday and expanded the gains for the third straight session, hitting a two-week high after the US and China agreed to cut tariffs temporarily and reduce trade tensions.

 

The pause on tariffs will last 90 days and will give both sides ample time to reach a final deal.

 

Prices

 

Brent crude rose 4.0% today to $66.34 a barrel, the highest since April 28, with a session-low at $63.88.

 

Brent closed up 1.15% on Friday, the second profit in a row.

 

Global oil prices rallied 4.25% last week, the first weekly profit in three weeks, rebounding from recent four-year lows as global trade negotiations progrossed positively.

 

 

The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.

 

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

 

US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake. 

 

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

Dow Jones spikes over 900 points, NASDAQ ralies 3%

Economies.com
2025-05-12 14:33PM UTC

US stock indices surged on Monday after the announcement of a trade deal and a lull in the trade tensions between the world’s two biggest economies. 

 

The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.

 

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

 

US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake. 

 

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

 

Bessent said cutting tariffs below 10% wouldn’t be feasible, but the level specified by President Trump in early April at 34% would be a “ceiling”.

 

He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis. 

 

On trading, Dow Jones surged 2.2% as of 15:31 GMT, or 913 points to 42,130 points, while S&P 500 added 2.3%, or 129 points to 5791 points, as NASDAQ powered up 3.1%, or 563 points to 18,495 points.

Copper futures driven lower by stronger dollar after China trade deal

Economies.com
2025-05-12 14:30PM UTC

Copper prices fell on Monday as the dollar gained ground against most major rivals, with the markets assessing the US-China trade deal.

 

The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.

 

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

 

US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake. 

 

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

 

Bessent said cutting tariffs below 10% wouldn’t be feasible, but the level specified by President Trump in early April at 34% would be a “ceiling”.

 

He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis. 

 

Otherwise, the dollar index rose 1.2% as of 15:16 GMT to 101.5, with a session-high at 101.9, and a low at 100.5.

 

On trading, copper July futures slipped 0.75% as of 15:13 GMT to $4.61 a pound.

Bitcoin surges to four-month high on corporate purchases

Economies.com
2025-05-12 14:56PM UTC

Bitcoin rallied on Monday to a four-month high amid a positive sentiment in the crypto market after major corporations announced new purchases.

 

The US and China also reached a trade deal that includes tariff pauses for 90 days in a step aimed at calming tensions. 

 

The Price

 

Bitcoin rose 1.5% at Bitstamp to $105,706, the highest since January 31, with a session-low at $103,940.

 

On Sunday, bitcoin fell 0.65%, the second daily loss in three days on profit-taking.

 

Bitcoin rallied 10.5% last week, the fifth weekly profit in a row, and the longest such streak of weekly gains since 2023.

 

Crypto Market Value 

 

The market value of cryptocurrencies rose by over $40 billion on Monday to a total of $3.495 trillion, the highest since January.

 

MicroStrategy 

 

Through the X platform, MicroStrategy’s Chairman and Co-Founder Micheal Saylor announced a new round of bitcoin purchases amounting to 13,390 units, raising the company’s total holdings to a new record high.

 

The purchase occurred between May 5 and May 11, with the company spending $1.34 billion, averaging $99,856 per unit.

 

After the new Acquisition, the company’s total bitcoin holdings now amount to 568,840 units, averaging $69,345 per unit, with a total value of $39.45 billion.

 

MetaPlanet 

 

Japan’s MetaPlanet also expanded its bitcoin holdings with the purchase of 1241 new units between May 7 and 11, paying $127.73 million in total, averaging $102,119 per unit.

 

Now the company holds 6,796 units in total, worth $608.17 million, averaging $89,490 per unit.

 

US-China Trade Deal

 

The US and China agreed on suspending most tariffs on each other for 90 days after negotiations in Switzerland, in a huge step towards relaxing trade tensions between the world’s top two countries.

 

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

 

US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake. 

 

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

 

Both sides vowed to carry on economic and trade negotiations in upcoming weeks. 

Frequently asked questions

What is the price of Brent Oil today?

The price of Brent Oil is $68.80 (2025-07-04 03:44AM UTC)