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Oil Prices Rise Amid OPEC's Ongoing Supply Cuts, U.S. Sanctions


Friday, 29 March 2019 08:53 WIB

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Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, which have given crude markets the biggest first quarter price push since 2009.

U.S. West Texas Intermediate (WTI) futures were at $59.54 per barrel at 0100 GMT, up 24 cents, or 0.4 percent, from their last settlement.

Brent crude oil futures had yet to trade.

Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.

Source : Reuters


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