U.S. Oil Pushes Back Above $60 a Barrel, Posts Strongest Quarter in a Decade

Saturday, 30 March 2019 03:15 WIB



Oil posted strong gains Friday, shaking off a slump in the previous session attributed to a tweeted plea to OPEC for lower prices by President Donald Trump, as crude posted its strongest quarterly percentage rise in nearly a decade.

West Texas Intermediate crude for May delivery on the New York Mercantile Exchange rose 84 cents, or 1.4%, to end at $60.14 a barrel — the highest close since Nov. 9. Crude maintained gains after weekly data from oil-field services firm Baker Hughes showed the number of U.S. oil rigs fell by eight this week. The U.S. benchmark rose 32.4% over the first three months of 2019, its strongest quarterly advance since the second quarter of 2009.

The global benchmark, Brent crude, was also higher, with the most-active June contract rising 48 cents, or 0.7%, to $67.58 a barrel on the ICE Europe exchange. Brent saw a roughly 25% quarterly rise, also its strongest since 2009. The May contract which expired at Friday’s close, rose 57 cents, or 0.8%, to end at $68.39 a barrel.

Source : Market Watch


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