Oil heads for its best first quarter since 2002
Oil held gains near a four-month high after Russia reaffirmed its commitment to production cuts by the OPEC+ coalition and disruptions in Venezuela added to signs of tightening supply.
Futures in New York were steady after rising 1.9 percent in the previous session. Russia, the world’s second-biggest crude producer, is on track to reach its pledged output cut of 228,000 barrels a day by the end of March, Energy Minister Alexander Novak said. Venezuela’s main oil ports were said to remain shut on Tuesday after a power outage halted exports a day earlier.
Oil is poised for the best quarterly gain since 2009 as the Organization of the Petroleum Exporting Countries and its allies curbed production to clear excess inventories. Signs the U.S. shale boom is running out of steam, power outages in Venezuela and American sanctions on Iran are also supporting prices, while the outlook for demand remains uncertain as investors wait to see if the U.S. and China can resolve their trade war.
