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Union Jack Oil

Oil Prices Gain on Falling Crude Inventories

Oil prices gained on Thursday in Asia after the American Petroleum Institute (API) reported that stockpiles of U.S. crude fell sharply last week.

U.S. Crude Oil WTI Futures gained 1.1% to $54.08 by 1:18 AM ET (05:18 GMT), International Brent Oil Futures rose 1.1% to $59.44.

In its weekly report, the API said that oil inventories posted a drop of 4.3 million for the week ended Jan. 24, compared with build of 1.6 million reported last week.

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.