By Stephanie Kelly NEW YORK (Reuters) - Oil prices rose about 1 percent on Friday, posting their biggest quarterly rise in a decade, as U.S. 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 expired Friday, gained 57 cents, or 0.8 percent, to settle at $68.39 a barrel, marking a first-quarter gain of 27 percent. The more-active June contract settled up 48 cents at $67.58 a barrel. U.S. West Texas Intermediate (WTI) futures rose 84 cents, or 1.42 percent, to $60.14 a barrel, and posted a rise of 32 percent in the January-March period. For the two benchmarks, the quarterly rise was the biggest since the second quarter of 2009, when both gained about 40 percent. GRAPHIC: Crude futures quarterly performance - https://tmsnrt.rs/2HSqli7 U.S. 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 oil shipments and the tactics Iran uses to evade sanctions, a U.S. sanctions official said on Friday. Sigal Mandelker, under-secretary of the Treasury for Terrorism and Financial Intelligence, told reporters in Singapore that the United States had placed additional "intense pressure" on Iran this week. Meanwhile, the United States has instructed oil trading houses and refiners to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said. "With U.S. sanctions taking Iranian and Venezuelan oil off the market, at the same time OPEC and non-OPEC producers want to see higher prices and are currently reluctant to make up for any lost volume," said Andrew Lipow, president of Lipow Oil Associates in Houston. Also lifting prices this year has been a deal between the Organization of the Petroleum Exporting Countries and allies such as Russia to cut output by around 1.2 million barrels per day, which officially started in January. The producer countries are to meet in June, but some cracks are emerging. OPEC leader Saudi Arabia is struggling to convince Russia to stay much longer in the pact, and Moscow may agree only to a three-month extension, three sources familiar with the matter said. The market has also been supported by slower output growth in the United States, where production has steadied since mid-February. The U.S. government reported on Friday that domestic output in the world's top crude producer edged lower in January to 11.9 million bpd. U.S. energy firms this week reduced the number of oil rigs operating to their lowest in nearly a year, cutting the most rigs in a quarter in three years, General Electric Co's Baker Hughes energy services firm said. [RIG/U] Futures have been pressured by concerns that a slowing global economy could hit energy demand. U.S. consumer spending rebounded less than expected in January and incomes rose modestly in February. Elsewhere, three of China's top state-controlled bank posted their weakest quarterly profit growth in more than two years. Still, Barclays bank forecast oil prices "are likely to move still higher in Q2 and average $73 per barrel ($65 WTI), and $70 for the year." A monthly Reuters survey of economists and analysts forecast Brent would average $67.12 a barrel in 2019, about 1 percent higher than the previous poll's $66.44. Hedge funds and other money managers raised their net long U.S. crude futures and options positions to 243,209 in the week to March 26, the U.S. Commodity Futures Trading Commission (CFTC) said. GRAPHIC: Russia, Saudi & rest of OPEC crude oil production - https://tmsnrt.rs/2CHr9lJ (Reporting by Stephanie Kelly; additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio)
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
- The Guardian
Revelation of incident ‘buried’ by Abedin contained in new memoir Both/And, to be published next weekUS politics – live coverage Huma Abedin pictured in 2016. Abedin does not name the senator, their party or give any other clues as to his identity. Photograph: Brian Snyder/Reuters Huma Abedin, a longtime close aide to Hillary Clinton, has written in a new book that she was sexually assaulted by a US senator, an incident she “buried” until allegations against the supreme court justice Brett Kavan
The tabloid slammed Donald Trump’s eldest son for topping “sick GOP” taunts of Alec Baldwin following the death of cinematographer Halyna Hutchins.
- The Wrap
Inexperienced ‘Rust’ Armorer Enraged Nicolas Cage on Previous Film: ‘You Just Blew My F–ing Eardrums Out!’ (Exclusive)
A crew member demanded that armorer Hannah Gutierrez Reed be fired, but she went on to handle guns on "Rust"
The newly-announced SKIMS x Fendi ready-to-wear collection launches on Nov. 9
NASCAR fined crew chief Adam Stevens $20,000 and suspended him from Sunday’s Cup Series race at Martinsville Speedway (2 p.m. ET, NBC) when the No. 20 Joe Gibbs Racing Toyota was found with two lug nuts not safe and secure after the playoff race at Kansas Speedway. Stevens was one of two crew chiefs suspended […]
- NBC Sports Boston
The Tampa Bay Buccaneers announced how they'll compensate the fan who initially received Tom Brady's 600th career touchdown pass.
- Yahoo Sports
Jerry Jones is out to get the best deal, and will cry if necessary.
Angelia Jolie suffered a beauty faux pas at the "Eternals" premiere, as her hair extensions were obviously installed improperly.
- Kansas City Star
“I knew how much it meant to Tom, and I was willing to trade.”
- Atlanta Black Star
‘Poses Real Problems’: Ex Minneapolis Cop Has Murder Conviction Reversed and Sentencing Reduced; New Precedence Draws Concern as Derek Chauvin Seeks to Appeal His Conviction
Minneapolis’ first cop to be convicted of murder may regain his freedom sooner than anticipated. In an unprecedented turn of events, a Minnesota judge re-sentenced […]
- The Daily Beast
FBIWarning: This story contains descriptions of sexual assault.A U.S. Embassy staffer accused of drugging and sexually assaulting at least 24 women over a 14-year period was in fact a longtime CIA employee, the FBI announced Monday, as the bureau urged any possible victims to come forward in the case.Serial molester Brian Jeffrey Raymond, 45, was arrested Oct. 9, 2020, in La Mesa, California, where he had been staying with his parents after abruptly quitting his job at the U.S. Embassy in Mexico
Which players should you consider dropping ahead of Week 8? Jennifer Eakins runs down her list of cut candidates, including a RB rostered in over 90 percent of leagues.
Prince William and Kate Middleton just broke a royal rule during their latest...
Richard “Dick” Evans, who was a staple of ’60s and ’70s television, died on October 2 of cancer, his family announced today. He was 86. In his 40-year career, Evans played opposite Mia Farrow as a series regular on Peyton Place, acted opposite George C. Scott in Islands in the Stream and starred in Jack […]
- Women's Health
The 42-year-old actress stripped down to her underwear for breast cancer research—and she is looking extra toned! Kate swears by Pilates and Peloton Tread.
The music legend discussed his "Renegades" book in an interview with Stephen Colbert on "The Late Show."
- Yahoo Sports
Gisele Bündchen is an incredibly accomplished woman, not Brady's property to offer up in exchange for a piece of memorabilia.
- Women's Health
The 56-year-old actress and queen of Found Fitness just showed off her sculpted abs in a teeny tiny bikini with metallic accents. And she's lookin' fierce!
- NBC News
"We feel alone and lost without him," James McNeelis' father wrote on Facebook. The boy's grandmother said the family had only recently gotten the dog.
His ex-wife shared her thoughts on social media.