Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude LCOc1 futures were up 40 cents, or 0.9%, at $44.80 a barrel.
“Comments from the weekend from Aramco are the driver at the moment,” said Michael McCarthy, market strategist at CMC Markets and Stockbroking.
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.