Oil settles up

Oil prices closed a volatile session slightly higher on Thursday, falling a dollar a barrel in early trading on demand worries and a strong dollar, but then bouncing back after a report of sliding gasoil stocks in Europe.

Prices began to recover at mid-morning in New York after Dutch consultancy Insights Global posted data showing gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub declined by 3% in the latest week.

Brent crude rose 15 cents, or 0.2%, to $83.36 a barrel, while U.S. West Texas Intermediate crude rose 16 cents, or 0.2%, to $79.05 a barrel. Prices traded lower for the majority of the session, before pushing higher in the last half hour of trading.

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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