Oil price gushes 28% as quarter set for 10-year high

Oil headed for its best quarter in almost 10 years as the production cuts by Opec and its allies and the loss of barrels due to US sanctions on Iran and Venezuela countered a wobbly demand outlook.

Futures rose as much as 2.4% after US Federal Reserve Bank of New York president John Williams downplayed the chances of a recession in the world’s largest economy.