Oil prices rose on Friday and remained on track to post their biggest quarterly rise since 2009, helped by production cuts from the OPEC+ group of producers and the U.S. sanctions against Iran and Venezuela.
Benchmark Brent crude rose 0.6 percent to $67.52 per barrel, on track for a more than 1 percent rise this week and 25 percent gain in the first quarter.
U.S. West Texas Intermediate (WTI) futures were up 0.8 percent at $59.75 per barrel, rising for a fourth straight week and up 30 percent in the first three months of the year.
Prices remained supported by OPEC-led production cuts since the start of the year. OPEC+ allies have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.
The supply cuts are expected to continue through the rest of 2019, with Barclays bank predicting that prices will likely average $73 per barrel ($65 WTI) in Q2, and $70 for the year.
The oil cartel and other participants of the deal would meet again in June to discuss whether to continue withholding supply or not.
The material has been provided by InstaForex Company – www.instaforex.com