Crude oil rises over 5% to 8-month high

WTI oil price surged over 5% today and hit the highest since early March, lifted by strong optimism on coronavirus vaccine and beginning of transition of power in the White House.

Fresh risk sentiment boosts hopes of stronger demand recovery which stalled on new wave of virus and significant contraction of global economy, offsetting negative impact from surging new cases and high mortality.

Bulls accelerated through key barriers at $43.05/75 (Fibo 61.8% of $65.63/$6.52 drop / post-pandemic recovery top) and probe above $45 level, eyeing Fibo projections at $46.14 (123.6%) and $47.62 (138.2% projection of rally from $33.61, Nov 2 low), with psychological $50 barrier expected to come in focus.

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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