Oil near 2023 highs

Oil prices held near this year’s highs on Monday as easing COVID restrictions in China raised expectations for a demand recovery in the world’s top crude importer.

Brent crude fell 38 cents, or 0.45%, to $84.90 a barrel by 1012 GMT, while U.S. West Texas Intermediate crude was down 26 cents, or 0.33%, at $79.60 a barrel, amid thin trade during Monday’s U.S. public holiday.

Both contracts rose more than 8% last week, the biggest weekly gains since October after China abandoned what remained of its zero-COVID policy by reopening its borders on Jan. 8.

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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