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.