Singapore — Oil prices rose on Friday as markets tightened amid output cuts by producer club Opec, but surging US supply and a global economic slowdown prevented crude from climbing further. US West Texas Intermediate (WTI) crude oil futures were at $57.41 a barrel at 3.50am GMT, up 19c, or 0.3%, from their last settlement. International Brent crude futures were at $66.59 a barrel, up 28c, or 0.4%. Traders said oil markets were currently tightening. In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels a day since the US government slapped sanctions against its petroleum industry on January 28. This drop comes as Opec, of which Venezuela is a founding member, has led efforts since the start of the year to withhold about 1.2-million barrels a day of supply to prop up prices. “Global [oil] markets appear tighter than many anticipated for this time of year, but scores of unsold barrels can pile up quickly and saturate regions,” Canada’s RBC Capital Markets said...
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