Oil prices climbed more than 1% on Tuesday after China said it will act to support economic growth in the world’s biggest oil importer and on expectations the U.S. Federal Reserve will stop raising interest rates soon and a forecast decline in U.S. output.
Brent futures rose $1.13, or 1.4%, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2%, to settle at $75.75.
That cut Brent’s premium over WTI to its lowest since late May. The smaller premium makes it less likely energy firms will spend money to send ships to the U.S. to pick up crude cargoes for export.
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.