Oil was propped up by the combination of a weaker dollar and stronger U.S. equities with speculation growing around the Federal Reserve reinforcing its dovish message.
U.S. crude futures climbed 0.8% on Monday, erasing earlier losses. Equities pushed higher on the possibility that a resurgence in global coronavirus cases will push Fed Chairman Jerome Powell to signal rates will stay near zero for longer. Meanwhile, the Bloomberg Dollar Spot Index weakened for a second straight session.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.