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Union Jack Oil

Oil Jumps As U.S. Offers To Cut Tariffs By 50%

Oil prices rose by more than 1 percent early on Thursday after U.S. President Donald Trump said that the United States was very close to some sort of a deal with China and as the U.S. has reportedly offered China to roll back some existing tariffs and cancel a new round of tariffs set to take effect on December 15.

At 11:06 a.m. EDT on Thursday, WTI Crude was up 1 percent at US$59.35 and Brent Crude was trading up 1.13 percent at US$64.44.

Earlier on Thursday, President Trump tweeted “Getting VERY close to a BIG DEAL with China. They want it, and so do we!”  

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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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.