Oil prices rose on Wednesday as signs of slowing inflation in the United States eased fears that the world’s largest oil user may face a recession because of further interest rate hikes and a weaker dollar supported some buying interest.
Brent crude futures gained 8 cents, or 0.1 per cent, to $85.54 a barrel at 0727 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2 per cent, to $79.07 a barrel.
Both benchmarks were up for a second day, after gaining about 1 per cent in the previous session.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.