Singapore: Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.
US West Texas Intermediate (WTI) futures were at USD 59.56 per barrel at 0211 GMT, up 26 cents, or 0.4 per cent, from their last settlement.
WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31 per cent.
Brent crude oil futures were up 30 cents, or 0.4 per cent, at USD 68.12 per barrel. Brent futures are set to increase by 1.7 per cent for the week and are set to climb by 27 per cent for the first quarter.