Oil prices rise on optimism

Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.

Brent crude futures rose 1.2%, or 41 cents, to $33.25 a barrel as of 0529 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.

U.S. West Texas Intermediate (WTI) crude futures were up 3.3%, or 82 cents, at $25.91 a barrel, after earlier climbing by as much as 6.1%.

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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Union Jack Oil

More articles like this

Union Jack Oil

Oil prices rise amid sanctions reversal

Oil markets remain resilient amid geopolitical tensions. Prices edged up on Monday despite supply concerns, with Brent crude reaching $78.88 a barrel.

Union Jack Oil

Oil markets edge up as investors weigh China’s growth promise

Oil prices gained modest ground as 2025 began, reflecting cautious optimism among investors analysing China’s economic outlook and fuel demand. A commitment from Chinese President Xi Jinping to implement growth-focused policies has prompted speculation about potential