Prices are buoyed by Opec-led supply cuts and US sanctions on Venezeula and Iran, but Bank of America warns of a recession in 2020
London — Oil prices rose on Friday amid oil cartel Opec-led supply cuts and US sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.
Oil prices have been supported for much of this year by an agreement between the Opec and allies such as Russia to cut output by about 1.2-million barrels per day . Prices shrugged off a tweet from US President Donald Trump on Thursday calling for Opec to boost crude production.
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