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MTECHTIPS:-Oil prices rise amid OPEC's ongoing supply cuts, US sanctions

Friday, March 29, 2019 3:18

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MTECHTIPS:-Oil prices rise amid OPEC’s ongoing supply cuts, US sanctions

MTECHTIPS-Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, which have given crude markets the biggest first quarter price push since 2009. U.S. West Texas Intermediate (WTI) futures were at $59.54 per barrel at 0100 GMT, up 24 cents, or 0.4 percent, from their last settlement. Brent crude oil futures had yet to trade. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets Production cuts from the OPEC+ group of producers have been the main reason for the dramatic recovery since the 38 percent price slump seen during the final quarter of last year,” said Ole Hansen, head of commodity strategy at Saxo Bank.”In fact, the recovery has been so strong and swift that WTI is currently heading towards its biggest quarterly gain â€“ currently 32 percent â€“ since Q2 2009, when the recovery from the global financial crisis saw it jump by more than 40 percent,” he added.

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