Business Standard

Oil posts biggest quarterly rise since 2009 on OPEC cuts, sanctions

For the two benchmarks, the first quarter was the best-performing quarter since 2009, when both gained close to 40 per cent

Interim Budget 2019: FM has cheap crude oil to thank for his fiscal record
Premium

Reuters
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 30 2019 | 2:16 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com