Crude prices rose more than 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world’s top oil consumer.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery.
“The market is supported by the general belief that the COVID endgame is in sight,” said Tamas Varga, analyst at PVM Oil associates.
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.