Oil prices surge after surprise move to cut output

Oil prices have surged after several of the world’s largest exporters announced surprise cuts in production.

The price of Brent crude oil is trading above $84 a barrel after jumping by more than 5%.

The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day.

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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