Oil dips

Singapore : Oil prices on Friday stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies.

Brent crude oil futures were at $73.74 per barrel, down 4 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 13 cents at $68.16 a barrel.

Both Brent and WTI hit their highest levels since November, 2014 on Thursday, at $74.75 and $69.56 per barrel respectively.

WTI is set for its second weekly gain, climbing more than 1 percent this week, while Brent is also poised to rise for a second week, adding around 1.5 percent. Traders said there had been some profit-taking on Friday following Thursday´s multi-year highs.

There was also some caution after Russia´s energy minister Alexander Novak was reported saying that a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as Russia may this year ease output restrictions.