Energy stocks are poised for a mixed to lower start, supported by mild strength in the underlying commodities while the broader equity markets are lower amid weakness in bank stocks that were caught in the downdraft of Friday’s margin call. Meanwhile, investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday.
Oil prices rose slightly on expectations that the OPEC+ will keep output unchanged in May and worries that operations in the Suez Canal might take weeks to return to normal even though a ship blocking it has been partly refloated.
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.