After two days of losses triggered by fears of a banking sector meltdown after the collapse of Silicon Valley Bank, oil prices rebounded early on Wednesday, pushed higher by increased Chinese refinery activity, estimated drawdowns in U.S. product inventories, and bargain-hunting from investors.
Oil prices hit a three-month low on Tuesday, as concerns over the U.S. banking system and the increasingly confusing picture for the Fed’s next interest rate policy meeting dragged the markets down early this week.
The U.S. equity markets rebounded on Tuesday, but oil continued to trade lower.
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.
