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Union Jack Oil

Oil jumps on bullish EIA inventory report

A day after the American Petroleum Institute estimated a crude oil inventory draw of 5.421 million barrels, the Energy Information Administration strengthened the mood by reporting an inventory draw of 3.8 million barrels for the week to October 9.

At 489.1 million barrels, the authority said, crude oil inventories were still above the five-year seasonal average but by a smaller margin than the previous week’s 12 percent.

For the previous week, the EIA had estimated a modest inventory draw of half a million barrels. Analysts had expected a substantial draw, at 3.387 million barrels.

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.