SINGAPORE (Reuters) - Oil prices rose on Friday amid the 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.U.S. West Texas Intermediate (WTI) futures were at $59.34 per barrel at 0802 GMT, up 36 cents, or 0.6 percent, from their last settlement.
WTI futures were set to rise for a fourth straight week and were on track to rise 30 percent in the first three months of the year.
Brent crude oil futures were up 24 cents, or 0.4 percent, at $68.06 per barrel. Brent futures were set to rise more than 1.5 percent for the week and by more than 25 percent in the first quarter.
For both futures contracts, the first quarter 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40 percent.
Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia - together known as OPEC+ - who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.