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Oil futures edge lower, set for big weekly declines, on oversupply concerns

Reuters  |  TOKYO 

By Aaron SheldrickTOKYO (Reuters) - Oil prices fell on Friday as markets digested big swings earlier in the week that have left both major benchmarks facing a second weekly loss and largely shrugged off a warning about tightness in spare capacity.Brent crude dropped 35 cents, or 0.5 percent, to $74.10 a barrel by 0657 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. benchmark West Texas Intermediate crude edged down 12 cents to $70.21 a barrel, after falling 5 cents in the previous session. It is ...

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First Published: Fri, July 13 2018. 12:50 IST