Venezuela says high oil prices not hurting demand

Oil price hawk and major exporter Venezuela said there is no evidence record crude values are hurting demand despite economists' predictions the cost could dent demand and trigger a sharp price fall. Venezuela's oil minister Rafael Ramirez also reiterated to reporters the OPEC member's position that oil markets are well-supplied and any decision on changing output levels should be taken at OPEC meetings. Many analysts think oil prices, which closed above $US140 a barrel on Friday, will hit at least $US150 a barrel before they come down sharply. 'At that point, we will start to see more signs of demand destruction and an eventual tipping point in oil markets,' said Deutsche Bank in a research note. The United States and other consumer nations have pressured OPEC to increase supply to try to tame record prices and the world's largest producer, Saudi Arabia, a US ally, has upped its output in recent weeks.