Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer.
Brent crude futures rose 81 cents, or 0.88%, to $92.44 a barrel by 0642 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was at $86.33 a barrel, up 72 cents, or 0.84%, after a 7.6% decline last week.
China’s central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday.
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.