Crude oil prices climb, lifted by tariff cuts and economic outlook

Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better-than-expected inflation report.

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Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. US West Texas Intermediate (WTI) crude finished at $63.67, up $1.72 or 2.78%.

The two benchmarks rose by about 4% or more in the previous session after the US and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar.

"We didn’t participate as much as other markets did yesterday in the China boom, so we're catching up today," said John Kilduff, a partner with Again Capital LLC. "Also the data this morning gives the Fed room to potentially begin making some moves."