Oil set for strongest quarter in almost a decade on OPEC+ supply cuts

Oil headed for its strongest quarter in almost 10 years as the OPEC+ coalition's production cuts and the loss of barrels due to US sanctions on Iran and Venezuela countered a cloudy demand outlook.

BY BLOOMBERG NEWS, SASKET SUNDRIA

Futures rose as much 0.7 percent in New York and are set for a fourth weekly gain. Crude rallied with Asian stocks Friday after Federal Reserve Bank of New York President John Williams downplayed the chances of a recession in the world's largest economy. The market shrugged off a tweet by US President Donald Trump saying oil prices are "getting too high" to finish up on Thursday.

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