Oil records the highest quarterly increase since

by **RamblerNash** Fri Mar 29, 2019 10:26 pm

Oil records the highest quarterly increase since

2019/3/29 10:21

{International: Al Furat News} Oil prices rose on Friday on the back of OPEC-led supply cuts and US sanctions on Iran and Venezuela, putting crude markets on record for the biggest quarterly increase since 2009.

US $ 59.68 a barrel was up 38 cents, or 0.6 percent, from the previous settlement.

US crude futures are up for a fourth week in a row and a 31 percent gain in the first three months of the year.

London Brent crude was up 34 cents, or 0.5 percent, at $ 68.16 a barrel. Brent futures are set to gain a weekly gain of 1.7 percent and a 27 percent increase in the first quarter of this year.

For Al Khameen futures, the first quarter of 2019 was the best quarterly performance since the second quarter of 2009, when it rose nearly 40 percent.

Oil prices have been supported since the start of the year by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and allies from outside, such as Russia, in an alliance known as OPEC +, who pledged to reduce supplies by about 1.2 million barrels per day this year to support markets.

US investment bank Jefferies said on Friday that the market could see a severe shortage in the third quarter of 2019.

The price hikes prompted US President Donald Trump on Thursday to urge OPEC to boost output to cut prices.

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