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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.

Photo: Ritzau Scanpix/AP/Chuck Bennett

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.

Oil has clawed back most of its losses in the final quarter of 2018 as Saudi Arabia led the Organization of the Petroleum Exporting Countries and its allies in squeezing supplies to prevent a glut. Whether the US will extend waivers allowing some countries to keep buying Iranian oil is shaping up as a key supply risk, while slowing global growth is keeping the market in check.

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