Losses in oil had been fast and furious since President Donald Trump announced his wide-ranging plans for tariffs last week — that is until he suddenly decided to temporarily pause tariffs hikes on most countries while slapping China will an even higher tariff rate for its imports into the United States.

Oil prices climbed on Wednesday, bouncing back from four-year lows earlier in the session, after U.S. President Donald Trump announced he would further increase tariffs on China but pause the tariff increases he announced last week for most other countries.