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OPEC Cuts, Sanctions Boost Oil Prices

Video Credit: Wochit Business - Duration: 00:48s - Published < > Embed
OPEC Cuts, Sanctions Boost Oil Prices

OPEC Cuts, Sanctions Boost Oil Prices

Oil prices rose about 1 percent on Friday, posting their biggest quarterly rise in a decade.

Reuters reports U.S. sanctions against Iran and Venezuela, and OPEC-led supply cuts are overshadowing concerns over a slowing global economy.

The May Brent crude oil futures contract expired Friday, gaining 57 cents to settle at $68.39 a barrel--thereby marking a first-quarter gain of 27 percent.

The more-active June contract settled up 48 cents, at $67.58 a barrel.

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OPEC Cuts, Sanctions Boost Oil Prices

MAY 5, 2018 FILE PHOTO



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