Oil climbed further from last week’s hole, encouraged by potential spending on infrastructure upgrades in America as well as on Saudi Arabia’s move to hike the selling price of its crude to customers in Asia.
West Texas Intermediate, the U.S. crude benchmark, settled up 66 cents, or 0.8%, at $81.93 per barrel. WTI hit seven-year highs above $85 in late October, before tumbling to $78.25 on Thursday.
London-traded Brent crude, the global benchmark for oil, finished up 69 cents, or 0.8%, at $83.43. Brent hit a three-year high of $86.70 late last month, before sinking to around $80 last week.
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.