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Union Jack Oil

Oil Jumps as OPEC+ Signals Extended Cuts

Oil surged to a five-week high after Saudi Arabia and Russia signaled their support for an extension of OPEC+ output cuts and a U.S.-China agreement to restart trade talks improved the demand outlook.

Futures rose as much as 2.8% after rallying more than 11% over the past two weeks. Other OPEC members have indicated their support for the agreement between Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman to prolong the curbs by six to nine months before their meeting in Vienna this week. Washington and Beijing declared a second truce to their trade war and the U.S. will hold off on imposing additional tariffs on China.

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.