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البلاد.نت- Oil prices rose on Friday as a result of OPEC-driven supply cuts and US sanctions on Iran and Venezuela, putting the strongest crude oil markets on the table. quarterly increase since 2009.
At 5:59 GMT, US WTI crude futures were $ 59.68 per barrel, up 38 cents (0.6%) from the previous settlement.
US crude futures are up for the fourth week in a row and up 31% in the first three months of the year.
London Brent rose 34 cents, or 0.5 percent, to 68.16 dollars a barrel. Brent futures are expected to achieve a weekly gain of 1.7% and a 27% increase in the first quarter of this year.
For Al Khameen futures, the first quarter of 2019 is the best quarterly performance since the second quarter of 2009, when it was up about 40%.
Oil prices have been supported since the beginning of the year thanks to the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia, in an alliance called OPEC +, which committed to reducing their supply of approximately 1.2 million barrels a day to support the markets.
US investment bank Jefferies said today that the market is expected to face a severe shortage in the third quarter of 2019.
The price hike pushed on Thursday US President Donald Trump to ask OPEC to increase its production in order to bring down prices.
"It's very important that OPEC increases the flow of oil," Trump wrote on Twitter. Global markets are fragile and the price of oil is rising too much. thank you so much
But cuts made in Opec + are not the only reason for soaring oil prices this year. Analysts also cited US sanctions against Iran and Venezuela, OPEC members and two oil exporters, as one of the reasons for the rise in crude prices.
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