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Union Jack Oil

Bullish Sentiment Is Back In Oil Markets

Crude oil extended a five-day winning streak today as signals from OPEC officials suggest that the oil production cut deal agreed last December could be extended further.

A ministerial reshuffle in Riyadh also helped: on Sunday King Salman appointed his son Abdulaziz the new energy minister of the country, ousting Khalid al-Falih, who had led the Saudi energy ministry since 2016. While the move could have caused anxiety in trading circles, pressuring prices, assurances that Abdulaziz bin Salman would stay on the current course with regard to production seemed to have appeased the market.

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.