Oil edges up as China’s economy gathers pace

Oil prices firmed slightly early on Tuesday, after falling 2% in the previous session, as stronger economic data from the world’s largest crude importer China underpinned demand outlook.

Brent crude climbed 23 cents to $84.99 a barrel at 0416 GMT, while U.S. West Texas Intermediate rose 21 cents at $81.04 a barrel.

China’s economy grew at a faster-than-expected clip in the first quarter, official data showed, expanding 4.5% year-on-year as policymakers move to bolster growth following the end of strict COVID-19 curbs in December.

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.

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