Oil prices gained on Thursday in Asia after the American Petroleum Institute (API) reported that stockpiles of U.S. crude fell sharply last week.
U.S. Crude Oil WTI Futures gained 1.1% to $54.08 by 1:18 AM ET (05:18 GMT), International Brent Oil Futures rose 1.1% to $59.44.
In its weekly report, the API said that oil inventories posted a drop of 4.3 million for the week ended Jan. 24, compared with build of 1.6 million reported last week.
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.