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Oil edges lower, set for big weekly decline

Reuters  |  TOKYO 

By Aaron SheldrickTOKYO (Reuters) - 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.Brent crude 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 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 ...

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First Published: Fri, July 13 2018. 09:07 IST