Oil headed for its best quarter in almost 10 years as the OPEC+ coalition's production cuts and the loss of barrels due to U.S. sanctions on Iran and Venezuela countered a wobbly demand outlook.
Futures rose as much as 1.5 percent in New York. Crude rallied with equities Friday after Federal Reserve Bank of New York President John Williams downplayed the chances of a recession in the world's largest economy. The market also shrugged off a tweet by U.S. President Donald Trump saying oil prices are “getting too high”.
West Texas Intermediate for May delivery rose 78 cents, or 1.3 percent, to $60.08 a barrel on the New York Mercantile Exchange as of 11:29 a.m. in London. The contract is up 1.2 percent for the week and 32 percent this quarter, on track for the biggest quarterly gain since June 2009.
Brent for May settlement, which expires today, climbed 0.7 percent to $68.54 on the London-based ICE Futures Europe exchange. It’s risen more than 26 percent this quarter, also the most since June 2009. The global benchmark crude was at a premium of $8.55 to WTI.