Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment.
Brent futures gained 22 cents, or 0.3%, to $82.96 a barrel by 0253 GMT, while U.S. West Texas Intermediate (WTI) crude rose 23 cents, also 0.3%, to $78.97. Both benchmarks rose over 2% the previous day, when hit their highest closes since April.
The crude benchmarks have already climbed for four weeks in a row with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known as OPEC+. Some analysts say it could rise further in the short term.
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.
