India, April 9 -- Crude oil prices extended their recent nosedive early in the session on Wednesday but showed a substantial turnaround over the course of the day.
After plummeting by as much as $4.46 a barrel or 7.5 percent to a four-year low of $55.12 a barrel, crude for May delivery soared $2.77 or 4.7 percent to $62.35 a barrel.
The rebound by the price of crude oil came after President Donald Trump announced a 90-day pause on new "reciprocal tariffs" on most countries to allow for negotiations.
White House press secretary Karoline Leavitt told reporters that tariffs would be brought down to a "universal 10 percent" level during the 90-day pause.
However, the pause will not apply to China, as Trump announced he is raising the tariff...