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Union Jack Oil

Oil rises due to firm yuan, expectations of more OPEC cuts

Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation of U.S.-China trade tensions.

Brent crude had rebounded to $57.57, up $1.34 or 2.4%, by 0844 GMT. U.S. West Texas Intermediate (WTI) crude futures jumped $1.49, or 2.9%, to $52.58 a barrel.

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.