Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club...
SINGAPORE - Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.
WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31 percent. Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day of supply this year to prop up markets.
“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump wrote in a post on Twitter.OPEC’s de-facto leader Saudi Arabia favors cuts for the full year while Russia, which only reluctantly joined the agreement, is seen to be less keen to keep holding back beyond September.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dubai economic growth at its slowest since 2009 debt crisisDubai's economy grew 1.94 percent in 2018, the government said on Wednesday...
Read more »
S&P is having its best quarter since 2009, and history points to another surgeIn nine of 10 times the S&P returned more than 10 percent in Q1 since 1950, it went on to post double-digit gains for the year, Ryan Detrick says.
Read more »
Oil slips as rising U.S. supply dulls impact from OPEC reductionsU.S.-priced oil slipped again Thursday, deepening its pullback from the closely watched $60 mark as domestic supply data surprised with a gain and a degree of demand uncertainty nags this market.
Read more »
Exclusive: OPEC struggles to keep Russia on board with oil cut, may offer shorter extensionSaudi Arabia is having a hard time convincing Russia to stay much longer in an O...
Read more »
Does OPEC really control oil prices? - CNN VideoCNN's Christine Romans explains why OPEC is still a key player, but doesn't hold as much sway over oil prices as it used to.
Read more »
Trump demands that OPEC produce more oil as prices get 'too high'Trump called on OPEC to produce more oil, warning the organization that oil prices are climbing “too high” ahead of the producers’ June meeting to decide whether to extend output cuts
Read more »
Oil edges up on supply cuts, but recession fears cap marketOil prices edged up on Tuesday, lifted by supply cuts led by producer club OPEC ...
Read more »
Canada's Imperial Oil resumes shipping crude by railCanadian crude producer Imperial Oil has recently resumed shipping crude oil by ...
Read more »
Pemex imports crude in February, despite president's aversionMexican state oil company Pemex imported crude oil in February despite the new p...
Read more »
Oman oil minister says excited to be part of Sri Lanka oil refinery projectOman oil minister Mohammed bin Hamad Al Rumhy said on Sunday he was excited to b...
Read more »