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Union Jack Oil

Oil prices rise 1%

Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude LCOc1 futures were up 40 cents, or 0.9%, at $44.80 a barrel.

“Comments from the weekend from Aramco are the driver at the moment,” said Michael McCarthy, market strategist at CMC Markets and Stockbroking.

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.