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Brent oil rises on concerns about spare capacity

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Brent crude strengthened late on Thursday, recouping some of its losses from the previous session, as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).Brent crude oil gained $1.05 a barrel to settle at $74.45, rebounding from a session low of $72.67. On Wednesday, the global benchmark slumped $5.46, or 6.9 percent, its biggest one-day fall in two years.U.S. crude settled down 5 cents at $70.33 a barrel, after losing 5 percent the previous session.The IEA cautioned the world's oil ...

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First Published: Fri, July 13 2018. 06:40 IST
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