Oil prices edged lower on Friday and were set for a second weekly fall, as the market shrugged off a warning that spare capacity may be stretched as OPEC and Russia increase production, according to Reuters.
Brent crude LCOc1 eased 36 cents, or 0.5 percent, to $74.09 by 0326 GMT. On Thursday it gained $1.05 a barrel, rebounding from a session low of $72.67. It is heading for a weekly fall of nearly 4 percent.U.S. crude CLc1 dipped 4 cents to $70.29, after a five cent decline in the previous session. It is heading for a weekly decline of nearly 5 percent.
It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-U.S. trade war.