Oil prices jump

Crude oil prices jumped on Tuesday ahead of the next OPEC+ meeting as the group dispelled earlier rumors that it could agree to increase crude oil production at its next meeting.

The cost of Brent crude rose $2.07 by 9:45 am ET, to $85.26 per barrel. WTI rose $1.66 per barrel to $78.90—although both benchmarks are still considerably lower than this time last week, and nearly $15 below August levels.

Goldman Sachs on Tuesday supported the market fear that OPEC could once again cut production, sending oil prices higher, saying that it was highly likely that the group would take further measures to stop last week’s price decline and to balance the market.

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.

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