Mubasher: Oil prices on early Friday remained at a firm level, driven by high demand, output cut agreement supported by the Organization of Petroleum Exporting Countries (OPEC) and imminent US sanctions against Iran.

Brent futures hit at $80 per barrel (pb) on Thursday for the first time since November 2014 before falling again below multi-year highs, while Nymex futures stood at $71.61 pb, 0.2% higher than from their last traded price.

By 7:45 am GMT, US Nymex futures rose 0.20% to $71.63 pb, while Global benchmark Brent crudes climbed 0.35% to $79.58 pb.

The stable prices come ahead of the Baker Hughes data pertaining oil rig count due later in the day.

“Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful,” Cantor Fitzgerald oil and gas analyst Jack Allardyce told Reuters, warning that higher fuel costs could cap consumption.

In addition to the output cut deal, the US decision to reimpose sanctions against Iran, the third largest crude exporter in OPEC, has led Brent crudes to surge 20% since the beginning of the year, the news agency added.

Meanwhile, the sanctions could lead the market to shed more than 1 million barrels per day (bpd), according to US investment lender Jefferies.