US West Texas Intermediate (WTI) crude futures were at $63.78 per barrel, up 20 cents, or 0.3 per cent, from their previous settlement.
Production in Venezuela has been plunging as the U.S. sanctions add to a deep economic and political crisis, while the USA government is expected to tighten oil sanctions against Iran in May.
Oil prices rose yesterday thanks to the cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), as well as U.S. sanctions imposed on Iran and Venezuela. OPEC has been saying the curbs must remain, but that stance is now softening.
"In 2019, non-OPEC production will grow 1.7 million b/d versus 2.8 million b/d a year ago", it added.
Russian President Vladimir Putin's remarks this week that Moscow was against "uncontrollable oil price increases" was also a red flag to Jakob.
Global oil demand is estimated to average 99.91 million bpd this year, compared with 98.70 million bpd in 2018, OPEC said.
At the last OPEC meeting in Vienna, the group's members agreed to slash output by 812,000 bpd, with Russian Federation and nine other non-OPEC allies committing to a cut of 383,000 bpd for the first six months of 2019.
"Pressure to global supplies continues to mount because of sanctions-linked problems in Iran and Venezuela and rising geopolitical risk in Libya", said Stephen Innes, head of trading at SPI Asset Management.
The report pointed to a slightly under-supplied market in 2019 if OPEC kept pumping at March's level. Though OPEC's de facto leader, Saudi Arabia, is considered keen to keep cutting, sources within the group said it could raise output from July if disruptions continue elsewhere.
"Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer", the Canadian bank said. "It all depends on where prices are by the end of May and June".
In March, OPEC crude oil production tumbled by 550,000 b/d with losses in Venezuela, together with lower output from Saudi Arabia and Iraq.
US oil giant Chevron Corporation said on Friday it will buy Anadarko Petroleum Corporation in a stock and cash transaction valued at 33 billion USA dollars to bolster its position in shale and the liquid natural gas market.