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.