Crude oil futures remained supported during mid-afternoon trade Friday on the back of tighter supply on the OPEC-led production cuts coupled with supply disruptions from Venezuela and Iran as a result of the US sanctions. Furthermore, lower oil and gas rig counts in the US also helped buoy sentiment. At 2:35 pm Singapore time (0635 GMT), the June ICE Brent crude futures were up 27 cents/b (0.38%) from Thursday’s settle at $71.10/b, while the NYMEX May light sweet crude contract also gained 29 cents/b (0.46%) at $63.87/b. “Global oil supply dropped in March as US sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 b/d,” Trifecta Consultants’ director Sukrit Vijayakar said Friday. Global supply dropped 340,000 b/d in March due to the OPEC-led production cut deal and a sharp drop […]