Oil prices were seen slightly down but stable on Friday, supported by ongoing supply cuts and strong demand which have resulted in a tightening market.
Brent crude was at $63.76 per barrel at 0756 GMT, down 17 cents from its last close but within $1 of a more than two-year high of $64.65 reached earlier this week, reports Reuters.
US West Texas Intermediate crude was at $57.07 per barrel, down 10 cents but also not far from this week’s more than two-year peak of $57.92 a barrel.
The high prices were a result of efforts led by the OPEC and Russia to tighten the market by withholding supplies, as well as strong demand and rising political tensions.
The strong demand is visible in Southeast Asia, where the number of tankers holding oil in storage around Singapore and Malaysia has halved since June.
Goldman warned of greater price volatility ahead due to increasing tensions in the Middle East, especially between OPEC fellows but political arch-rivals Saudi Arabia and Iran.
OPEC is due to discuss output policy during a meeting on Nov. 30, and it is expected it will extend cuts beyond the current expiry date in March 2018.
