Oil prices edged back towards five-month highs on Wednesday, supported by ongoing supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela.

Brent crude oil spot prices averaged $66 per barrel (b) in March, up $2/b from February 2019. Brent prices for the first quarter of 2019 averaged $63/b, which is $4/b lower than the same period in 2018. Despite lower crude oil prices than last year, Brent prices in March were $9/b higher than in December 2018, marking the largest December-to-March price increase since December 2011 to March 2012.

The kingdom will pump about 9.8 million barrels a day in March and April and export less than 7 million barrels daily in both months, Al-Falih said in March. Saudi Arabia has a production target of 10.3 million barrels a day.

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

PLATTS - OPEC in March tightened the oil market considerably, slashing 570,000 b/d from its February output level, as Saudi Arabia continued to implement production cuts and Venezuela suffered from extensive power outages on top of US sanctions, an S&P Global Platts survey found.

Oil prices fell on Friday, with Brent slipping away from the $70 mark reached the previous day, pulled down by worries about progress in the U.S.-China trade talks.

Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.

Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.

Oil prices rose about 1 percent on Friday, posting their biggest quarterly rise in a decade.

Oil prices rose on Friday on the back of ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.