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Singapore – Oil prices rose on Friday in the face of OPEC-imposed supply cuts and US sanctions on Iran and Venezuela, showing the largest quarterly increase in crude oil markets. since 2009.
$ 59.68 per barrel was up 38 cents, or 0.6%, from the previous settlement.
US crude futures were up for the fourth consecutive week 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 record 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 was the best quarterly performance since the second quarter of 2009, with an increase of nearly 40%.
Since the beginning of the year, oil prices have been supported by the efforts of the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia, under the auspices of the United States. an alliance called OPEC +, which are committed to reducing the supply of about 1.2 million bpj this year to support the markets.
US investment bank Jefferies said Friday that the market could experience a severe shortage in the third quarter of 2019.
Rising prices prompted US President Donald Trump to ask OPEC Thursday to boost 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 OPEC cuts are not the only reason for soaring oil prices this year, analysts also citing US sanctions on Iran and Venezuela, OPEC members and oil exporters, as one of the reasons for the rise in crude prices.
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