Oil rises on China demand hopes

Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.

Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel by 0720 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.89 a barrel, up 55 cents or 0.7%. The more active April contract was up 0.8% at $77.14.

The benchmarks settled down $2 a barrel on Friday, and closed lower by about 4% last week after the United States reported higher crude and gasoline inventories.

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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Union Jack Oil expands into USA with three mineral royalty packages

Union Jack Oil plc (LON:UJO), a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by