FLASH: Crude Oil prices rose about 1% Friday, posting their biggest Quarterly rise in 10 years, as US sanctions against Iran and Venezuela as well as OPEC-led supply cuts overshadowed concerns over a slowing global economy.
The May ICE Brent Crude Oil futures contract, which expired Friday, gained 57c, or 0.8%, to settle at $68.39 bbl, marking a Q-1 gainer of 27%. The more-active June contract settled up 48c at $67.58 bbl.
NYMEX WTI Crude Oil futures rose 84c, or 1.42%, to $60.14 bbl, and posted a rise of 32% in the January-March frame.
For the 2 benchmarks, the Quarterly rise was the biggest since Q-2 of Y 2009, when both gained about 40%.
US sanctions on Iran and Venezuela have boosted prices this year. Washington is keen to see that Malaysia, Singapore and others are fully aware of illicit Iranian Crude Oil shipments and the tactics Iran uses to evade sanctions, a US sanctions official said Friday.
President Trump wants to see Iran’s Crude Oil exports an Zero, thus driving Iran back to the Stone Age.
Have a terrific weekend.