Oil markets stable as markets tighten, but analysts expect volatility ahead

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo

Oil markets were little changed on Friday, supported by ongoing supply cuts and strong demand which have resulted in a tightening market, although the prospect of rising U.S. output capped prices.

Brent crude was at $63.81 per barrel at 0615 GMT, down 12 cents from its last close but within $1 of a more than two-year high of $64.65 reached earlier this week.

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