Oil set for biggest quarterly rise since 2009 amid OPEC cuts, U.S. sanctions

U.S. West Texas Intermediate futures were at $59.34 per barrel at 0802 GMT, up 36 cents, or 0.6 per cent, from their last settlement.

For both futures contracts, the first quarter of 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40 per cent. “Production cuts from the OPEC+ group of producers have been the main reason for the dramatic recovery since the 38 per cent price slump seen during the final quarter of last year,’’ said Ole Hansen, Head of Commodity Strategy at Saxo Bank.

However, the OPEC+ cuts are not the only reason for rising oil prices this year, with analysts also pointing to U.S. sanctions on oil exporters and OPEC members, Iran and Venezuela, as reasons for the surge.

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