Oil prices rose 16% in the quarter, supported by OPEC, geopolitical and global demand

Oil prices rose 16% in Q1 as OPEC+ export restrictions were dampening global supply. West Texas Intermediate (WTI) crude futures settled at $83.17 a barrel on Friday, the highest settlement in more than a week. This year's spreads have shifted from a bearish contango to a bullish spot contango, indicating a tighter spot market. OPEC+ extended production cuts until the end of June, bolstering expectations of a decline in global inventories. Attacks on Russia's energy infrastructure, geopolitical tensions in the Middle East, and growing global demand also boosted oil prices. In the United States, strong growth in key indicators of economic activity released on Thursday indicated a robust economy that helped offset the negative impact of an increase in U.S. crude oil and gasoline inventories. Some investment banks believe there is room for oil prices to rise. JPMorgan Chase & Co. said that if the impact of Russia's production cuts is not offset by corresponding measures, Brent crude oil prices could approach triple digits in September.
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