Crude Oil Continues Rally Off $50 Level

Since bouncing off the key $50 level, crude oil futures posted their highest settlement in nearly three weeks on Thursday, with Brent oil rallying to its seventh session advance in a row.

After a precipitous drop due to the coronavirus, excess supply, and a number of other factors, West Texas Intermediate crude oil has bounced off the $50 level several times over the last couple of weeks and continuing its move higher Thursday, up another 0.39% to $53.77 a barrel.

A number of other factors have been at work in propping up the oil market, in addition to the technical $50 level.

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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