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

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

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.

Fears of an economic slowdown eased, meanwhile, as trade talks between China and the U.S. resumed and two Federal Reserve presidents predicted continuing growth this year.