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Union Jack Oil

Oil prices spike by a record 25%

Hopes are building for a truce in thebrutaloil price war between Saudi Arabia and Russia, setting offa record spike in the oil market Thursday.

President Donald Trump suggested massive production cuts could be on the way and Saudi Arabia called for an “urgent” meeting between OPEC, Russia and other unnamed nations to restore “balance” to the oil market.

Even though no date has been set for such a meeting — and no deal on cutting production has yet been announced — the oil market celebrated wildly.

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.