Oil futures extend their streak of gains

Oil futures extended their streak of gains on Thursday, with U.S. prices up for a fourth consecutive session to mark their highest settlement in more than a year.

Oil prices remained underpinned by expectations that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will continue keeping a lid on output, as the global economy makes headway toward a recovery from the COVID-19 pandemic.

With OPEC+ “endeavoring to keep global oil production below demand, we expect oil inventories to continue to fall this year,” said Giovanni Staunovo, analyst at UBS Global Wealth Management, in a recent note. “The rollout of vaccines should support global oil demand over the coming months and allow oil prices to rise further.”

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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Union Jack Oil

More articles like this

Union Jack Oil

Oil prices rise amid sanctions reversal

Oil markets remain resilient amid geopolitical tensions. Prices edged up on Monday despite supply concerns, with Brent crude reaching $78.88 a barrel.

Union Jack Oil

Oil markets edge up as investors weigh China’s growth promise

Oil prices gained modest ground as 2025 began, reflecting cautious optimism among investors analysing China’s economic outlook and fuel demand. A commitment from Chinese President Xi Jinping to implement growth-focused policies has prompted speculation about potential