Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures were up $1.49, or 1.9%, at $80.06 a barrel as of 0745 GMT, while U.S. West Texas Intermediate crude rose $1.43, or 1.9%, to $75.20.
Hopes for less-aggressive U.S. interest rate rises are buoying financial markets and depressing the dollar. A weaker U.S. currency makes dollar-denominated commodities more affordable for investors holding other currencies.
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.