Singapore — Oil prices held firm on Friday on strong demand, Opec-led supply cuts and looming US sanctions against major crude exporter Iran. But markets remained below multi-year highs from the previous day as surging output from the US is expected to offset at least some of the shortfalls. Brent crude futures were at $79.57 a barrel at 3.10am GMT, up 27c, or 0.3% from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. US West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13c, or 0.2%, from their last settlement. Crude prices have received broad support from voluntary supply cuts led by oil cartel Opec aimed at tightening the market. "Global inventories are approaching long-run averages, suggesting that the co-ordinated Opec-non-Opec supply cuts have been successful," said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald. Beyond Opec’s cuts, strong demand as well as falling output from Venezuela and a ...
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