Oil futures settled at their highest in more than a year, as traders looked for a slow recovery in output following winter storms that knocked U.S. producers and refineries offline.
“Traders are nervous about the pace of recovery in Texas this week,” Marshall Steeves, energy markets analyst at IHS Markit, told MarketWatch.
“It isn’t altogether clear how much oil and gas production was taken offline last week,” he said. Some reports pegged the fall in U.S. crude production at as much as 40%.
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.