Oil prices rose on Friday amid OPEC-led supply cuts and U.S. sanctions against I...
LONDON - Oil prices rose on Friday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.
U.S. West Texas Intermediate futures were at $60 per barrel, up 70 cents, and on track for a rise of more than 32 percent over the January-March period. “Production cuts from the OPEC+ group of producers have been the main reason for the dramatic recovery since the 38 percent price slump seen during the final quarter of last year,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“While OPEC, and above all Saudi Arabia, appeared in November to be obeying U.S. President Trump’s repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears,” Commerzbank said in a note.
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