Oil prices rose about 1 percent on Friday, on track for their biggest quarterly rise in a decade, as US sanctions against Iran and Venezuela as well as Opec-led supply cuts overshadowed concerns over a slowing global economy.
The May Brent crude oil futures contract, which expires on Friday, gained 54 cents, or 0.8 per cent, to $68.36 a barrel by 10:40 pm (IST), set for a gain of 27 per cent in the first quarter. The more-active June contract was up 45 cents to $67.55 a barrel.
The US West Texas Intermediate futures rose 80 cents, or 1.4 per cent, to $60.10 a barrel, and were on track for a rise of 32 per cent over the January-March period.
Also lifting prices of oil was a deal between Opec and allies such as Russia to cut output by around 1.2 million barrels per day, which officially started in January.