Oil set for strongest first quarter in a decade OPEC-led cuts and trade talk optimism
Expectations that a trade deal between the US and China have also aided prices, with WTI futures set to rise for a fourth consecutive week,to Reuters. Similarly, US sanctions on Iran and Venezuela have cut their supply from global markets aiding prices.
Prices are set to come under pressure later this year. Saudi Arabia is keen to continue current production cuts whereas non-OPEC member Russia would prefer an earlier cut off date. A June meeting will be key in deciding the future of production cuts which have taken some 1.2 million barrels per day out of the market since"Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high.
"Trump meddling with the price of oil is nothing new, but still has an impact," according to Jasper Lawler, head of research at London Capital Group. Brent crude is also set to post a 27% return for the first quarter,"This and the weaker global growth hitting demand are the big risks which oil prices face in the second half of the year," Lawler said.
Brent crude is up 0.5% at $67.4 a barrel while WTI is close to the $60 mark at $59.7 trading up 0.8% as of 8.55 a.m in London.
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