Oil prices rose on Friday amid the 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 30 per cent in the first three months of the year.Brent futures were set to rise more than 1.5 per cent for the week and by more than 25 per cent in the first quarter. Oil prices have been supported for much of 2019 by the efforts of the Organisation 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.
Britain’s Barclays bank said on Friday oil prices “are likely to move still higher in Q2 and average $73 per barrel , and $70 for the year.’’OPEC’s de-facto leader, Saudi Arabia, favours cuts for the full year while Russia, which only reluctantly joined the agreement, is seen to be less keen to keep holding back supply beyond September.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Source: Daily Trust - 🏆 13. / 51 Read more »