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.
