Oil Caps Best Quarter in Decade as Siberia to Shale Cut Drilling

Russia promises deeper reductions; shale rig count falls again
After late 2018 soon, supply curbs have WTI back up 32 percent

Trump Asks OPEC to Pump More Oil Because Prices Are Too High

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By Ben Foldy and Alex Nussbaum

March 28, 2019 at 10:41 PM UTC

Updated on

March 29, 2019 at 6:52 PM UTC

This article is for subscribers only.

Oil closed above $60 for the first time since early November, capping its best quarter since 2009, amid signs of thinning supplies from Siberia to the U.S. shale fields.

Futures rose 1.4 percent in New York on Friday as Russian Energy Minister Alexander Novak said the world’s second-biggest producer would deepen the output cuts its imposed along with OPEC this year to resurrect the market. In the U.S., drillers sidelined more drilling rigs for the sixth straight week.