Oil prices jumped more than three percent in Asian trade Monday as reports said OPEC and other top producers considered slashing output.
WTI climbed 3.5 percent to $82.27 and Brent piled on 3.4 percent to $88.01 ahead of a meeting of the group this week in Vienna, with Bloomberg News saying officials were discussing a one-million-barrel-a-day cut in output.
Bloomberg added that the move — which it said delegates to OPEC had not finalised — would be the biggest since the pandemic began, when crude prices collapsed.
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.