Oil prices surge after surprise move to cut output

China’s first-quarter economic growth data is out and it’s an expectation beater. The country’s GDP grew at a rate of 5.3% during the first three months, versus Reuters economist poll expectations of 4.6%. Oil prices rose following the

Union Jack Oil plc sounded positive after drilling the Andrews 1-17 well to 4,600ft on the West Bowlegs prospect in Seminole County, Oklahoma. The target Hunton Limestone was penetrated at 4,200ft, showing “high porosity and elevated gas readings,

Oil prices experienced an increase on Tuesday, supported by indications of potential demand improvement in China and the United States, the two largest oil-consuming nations in the world. There are also growing concerns about an escalating

Oil prices rose in early Asian trading on Monday on concern over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added

Oil prices ticked up in Asian trade on Monday, extending gains from last week when prices rose nearly 4% on the view that supply was tightening, with the risks heightened by further attacks on Russian energy

Union Jack Oil plc expects drilling to start soon at its recently signed farm-in on the West Bowlegs prospect in Seminole County, Oklahoma. The company said operator Reach Oil & Gas Company Inc had signed a drilling contract for the

Union Jack Oil plc has added three packages of wells to its mineral royalty portfolio in the United States. The company’s agent and adviser Reach Oil & Gas Inc brokered the purchases. Top-tier Bakken Shale in

In an ambitious move that underscores the evolving landscape of the UK’s energy sector, Union Jack Oil PLC has set its sights on drilling a new well, WN-A3, in the heart of East Yorkshire’s West Newston

The OPEC+ group of oil producers is holding firm on measures to boost prices. On Sunday, members agreed to extend oil output cuts of 2.2 million barrels per day into the second quarter. That’s a bid

The West Newton joint venture said it would save costs and generate early cash flow under revised plans for PEDL183 in East Yorkshire. The licence contains the West Newton A1, A2 and WNB-1z discoveries. The new

Oil prices on Tuesday built on gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries. Brent crude futures rose 36 cents, or 0.44%, to $82.89 a barrel

Oil prices rose for a second day on Thursday, buoyed by a softer dollar and another attack on shipping near Yemen. Brent crude futures rose 35 cents, or 0.4%, to $83.38 a barrel at 1036 GMT.