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Union Jack Oil

Oil prices finish higher

Oil futures ended higher on Monday on the heels of last week’s loss, finding some support as a possible oil workers’ strike in Norway may lead to lower production, analysts said. Oil firms in Norway plan to close down 22% of the nation’s oil and gas output if workers go on strike on Wednesday, Reuters reported Friday.

Price gains for oil, however, were modest as traders continued to fret over the rise in global cases of COVID-19 and outlook for energy demand. November West Texas Intermediate crude CLX20, -0.81% rose 35 cents, or 0.9%, to settle at $40.60 a barrel on the New York Mercantile Exchange.

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.