Oil prices rose on Wednesday as investors awaited the outcome of the U.S. Federal Reserve’s June meeting after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC.
Brent crude futures were up 76 cents, or 1%, at $75.05 a barrel by 0916 GMT. U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $70.05.
Both benchmarks climbed more than 3% the previous day on hopes of rising fuel demand after China’s central bank lowered a short-term lending rate.
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.