Oil posts biggest quarterly rise since 2009 on OPEC cuts, sanctions
Oil prices rose about 1 percent on Friday, on track for their biggest quarterly rise in a decade, as US sanctions against Iran and Venezuela as well as Opec-led supply cuts overshadowed concerns over a slowing global economy.
The May Brent crude oil futures contract, which expires on Friday, gained 54 cents, or 0.8 per cent, to $68.36 a barrel by 10:40 pm (IST), set for a gain of 27 per cent in the first quarter. The more-active June contract was up 45 cents to $67.55 a barrel.
The US West Texas Intermediate futures rose 80 cents, or 1.4 per cent, to $60.10 a barrel, and were on track for a rise of 32 per cent over the January-March period.
For the two benchmarks, the first quarter was the best-performing quarter since 2009, when both gained close to 40 per cent. US sanctions on Iran and Venezuela have boosted oil prices this year.
