Oil Posts Strongest Quarter in More Than a Year Amid OPEC Cuts
- Russia plans to export almost no diesel this month after ban
- Crude posts 29% quarterly gain, biggest since early 2022
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Oil posted its largest quarterly rally since the initial jolt from the war in Ukraine as lower Russian fuel exports threaten to further tighten a market wrestling with OPEC+ production cuts.
Industry data released Friday show Moscow is planning almost no diesel exports next month in order to reduce domestic prices. The move sent European diesel futures rallying back above the psychologically key level of $1,000 a ton.