Oil edges up on China demand hopes

Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that holiday travel in China would boost fuel demand and by expectations U.S. inventories would show a drop in crude stocks.

Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries. U.S. crude inventories are expected to fall by 1.7 million barrels in weekly supply reports.

Brent crude rose 10 cents to $82.83 a barrel at 0805 GMT, while U.S. West Texas Intermediate crude gained 15 cents to $78.91. Both contracts rose over 1% 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.

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