Oil prices rise

Oil prices rose on Monday after tumbling by more than $2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.

China, the world’s top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023.

Despite a surge in COVID cases, optimism over the reopening of the Chinese economy and its accommodative policy improve oil’s demand outlook, said CMC Markets analyst Tina Teng.

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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