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Union Jack Oil

Oil snaps five day losing streak

Oil prices climbed on Tuesday after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased.

Brent crude gained 31 cents, or 0.5%, to trade at $64.51 per barrel. U.S. West Texas Intermediate crude futures rose 15 cents or 0.3% to settle at $58.23 per barrel. 

That put WTI front-month futures on track to close below the second month for the first time since Nov. 19, which is known in the trading industry as contango.

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.