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Union Jack Oil

Oil rises with financial markets, as longer supply cuts expected

Oil prices rose on Tuesday in line with firmer financial markets and bolstered by expectations that producer group OPEC and its allies will keep withholding supply.

Front-month Brent crude futures were at $62.56 at 0707 GMT, up 27 cents, or 0.4%, from Monday’s close. U.S. West Texas Intermediate (WTI) crude futures were at $53.75 per barrel, 49 cents, or 0.9%, above their last settlement.

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 listed on the London Stock Exchange AIM market.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.