Oil prices retreated by more than 2% on Thursday as fears of a deepening U.S.-China trade war and a possible recession eclipsed earlier relief created by President Donald Trump's announcement of a 90-day pause on some tariffs against most countries.

Copper futures are up sharply in late trading, riding the wave of traders' optimism that has lifted stocks, oil and gold prices since President Trump said this afternoon that he would authorize a 90-day pause on any tariffs.

President Donald Trump raised Chinese import tariffs to 125% Wednesday, hours after Beijing imposed an 84% retaliatory levy on U.S. goods as the global trade war intensified. "Based on the lack of respect that China has shown to the World’s Markets,