Oil prices rally to highest close since Dec. 1

Oil prices settled 1% higher on Thursday, extending a recent rally built around rising Chinese demand, while the market wrote off a second straight week of large builds in U.S. crude inventories.

Brent crude futures gained $1.18, or 1.4%, to settle at $86.16 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 85 cents, or 1.1%, to settle at $80.33 per barrel. Those were the highest closing levels for both contracts since Dec. 1.

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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