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Reuters
Oil prices to record the best quarterly performance in 10 years
Oil prices rose on Friday because of ongoing supply cuts under the OPEC + agreement and US sanctions on Iran and Venezuela, members of the oil and gas industry. OPEC.
At 05:59 GMT, a barrel of US crude was up $ 59.68 a barrel, up 0.6%.
US crude futures are up for the fourth week in a row, up 31% in the first three months of this year.
Brent rose 0.5% to $ 68.16 per barrel. The Brent contracts 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 represents the best quarterly performance since the second quarter of 2009, when it had increased by about 40%.
Oil prices have been supported since the beginning of the year by OPEC and its allies, such as Russia, as part of an alliance called OPEC +, which is committed to reduce the supply of about 1.2 million bpd this year to support the markets.
The US investment bank, Jefferies, said the market could experience a sharp decline in the third quarter of 2019.
Source: Reuters
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