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Union Jack Oil

Oil jumps 2% helped by Falih comment on prices

Oil prices jumped more than 2% on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers may extend their output reduction deal.

Brent crude futures were up $1.35 at $63.02 a barrel by 0757 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.10 at $53.69 per barrel. Both grades are heading for their strongest daily rise since late April.

Oil prices ticked up after Saudi Energy Minister Khalid al-Falih told an industry conference in St. Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry.

 

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 listed on the London Stock Exchange AIM market.

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