Oil prices rose on Friday on the back of ongoing OPEC-led supply cuts and U.S. s...
SINGAPORE - Oil prices rose on Friday on the back of ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.
WTI futures were set to rise for a fourth straight week and were on track to rise 31 percent in the first three months of the year. Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day of supply this year to prop up markets.
The price surge triggered a call by U.S. President Donald Trump on Thursday for OPEC to boost production to lower prices.
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