Oil prices rose early on Wednesday on a spate of relatively positive news.
The most obvious for the oil market was the smaller-than-expected build in crude inventories reported by API. Crude storage rose by 10.6 million barrels instead of the more than 13 million barrels expected, perhaps a sign that the glut is a bit less extreme than expected. Oil jumped on the news.
More importantly, there was some hopeful progress on the pandemic front. Gilead Sciences said on Wednesday that its preliminary trials of antiviral drug remdesivir showed some evidence of helping patients with COVID-19 recover faster. Meanwhile, Pfizer said that it may have a vaccine available for emergency use by the fall. That came two days after researchers from Oxford University also said that they may be able to develop a vaccine before the year is out.
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.
