(Bloomberg) -- Oil is set to record its strongest first quarter since 2002 after the world’s second-biggest producer said it was on track with output cuts and disruptions to refiners along the Houston Ship Channel added to supply concerns.
Crude futures were steady in New York, after rising 1.9 percent Tuesday. Energy Minister Alexander Novak told reporters in Moscow that Russia will likely reach its pledged output cut of 228,000 barrels a day by the end of the month. Meanwhile, a four-day closing of the Houston Ship Channel following a tank fire and subsequent chemical spill has further disrupted supply networks.