Oil stable

Singapore : Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.

But markets remained below multi-year highs from the previous day as surging

output from the United States is expected to offset at least some of the shortfalls.

Brent crude futures were at $79.55 per barrel at 0651 GMT, up 25 cents, or 0.3 percent, from their last close.

Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.65 a barrel, up 16 cents, or 0.2 percent, from their last settlement.

Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.