By Biman Mukherji
--Oil futures were modestly higher in Asian trading Friday following a reversal during U.S. action that saw the Brent global benchmark pull back from Thursday's brief push through $80 a barrel.
--June light, sweet crude on the New York Mercantile Exchange was recently up 0.2% at $71.63 a barrel in the Globex trading session. July Brent rose 0.3% to $79.54.
--With global oil inventories back at 5-year averages and the prospect of fewer companies doing business with Iran due to U.S. sanctions, analysts say oil markets look well-supported despite record U.S. production. Meanwhile, the level that prices start to curb demand "is still some way off," said ANZ Bank.
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