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Union Jack Oil

Oil prices rise on stimulus hopes, trade optimism

Oil prices rose on Tuesday on optimism U.S.-China trade tensions will ease and on hopes major economies will take stimulus measures to ward off a potential economic slowdown that could hit oil demand.

Brent crude was up 25 cents to $59.99 a barrel by 0904 GMT while U.S. crudewas up 19 cents at $56.40 a barrel.

The United States said it would extend a reprieve that permits China’s Huawei Technologies to buy components from U.S. companies, signalling a slight softening of the trade conflict between the world’s two largest economies.

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.