Oil jumped the most since June alongside a rally in broader equities markets, boosted by expectations of U.S. crude stockpiles extending their streak of declines.
Futures in New York surged 3.5% Wednesday, though still fell short of recouping all the losses from the previous session’s settle at a three-month low. Moving in tandem with stronger equities, Brent regained its technical footing, sharply rising above the 100-day moving average. The 14-day Relative Strength Index for futures in London and New York was below 30 on Tuesday for the first time since April, signaling the two benchmarks were oversold.
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.