ANZ bank said on Friday.But oil demand has held up well so far.68 million bpd, official data showed this week."Oil demand concerns are overdone,” Goldman Sachs said in a note on Friday."We don’t think anything will be agreed this weekend.Meanwhile, US sanctions against Venezuela, as well as Iran, have further tightened oil markets.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.OPEC+ will meet in Baku, Azerbaijan, over the weekend to review its output policy, although most expect the cuts to continue for now.

Will demand hold up?Preventing oil from rising further have been concerns that an economic slowdown that has gripped large parts of Asia and Europe, and which is showing signs of spilling into North America.

Will soon dent fuel demand growth.Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia - known as the OPEC+ alliance - pledged to withhold 1.end-ofTags: oil prices, opec, venezuela, iran, brent crudeLocation: Singapore, –, Singapore.27 per barrel at 0425 GMT, 4 cents above their last close, and within a dollar of the USD 68. But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand.With OPEC voluntarily withholding supply and US sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Refinitiv showed a slight supply deficit likely appeared in the first quarter.

63 per barrel, 2 cents above their last settlement, and not far off their 2019-high of USD 58.1 per cent from a year earlier to a record 12. (Photo: File | PTI)Singapore: Oil prices were firm on Friday amid production cuts led by OPEC and as US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.Azerbaijan, over the weekend to review its output policy, although most China granulation screw barrel expect the cuts to continue for now..0 million barrels per day, with strength visible in both emerging markets and developed economies”.Despite Friday’s dips, oil has rallied around a quarter since the start of the year.Brent crude oil futures were at USD 67.Goldman said "current fundamentals will tighten physical markets further”, driving up spot Brent crude futures above USD 70 per barrel "as supply losses continue (and) demand growth beats low consensus expectations”..Crude oil use in China, the world’s biggest importer, in the first two months of 2019 rose 6.in response to ongoing production cuts from the OPEC+ group of producers as well as another (output) slump from a blacked-out Venezuela,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.

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