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Oil prices flat as IEA warns of output capacity limits

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied on Thursday after sharp losses the previous session as the International Energy Agency (IEA) said the world's oil supply cushion "might be stretched to the limit" due to production losses.Benchmark Brent crude oil rose $1.70, or more than 2.3 percent, to a high of $75.10 a barrel before losing almost all its gains to trade at $73.60, up 20 cents, by 1340 GMT. On Wednesday, Brent had slumped $5.46 or 6.9 percent.U.S. light crude fell 30 cents to $70.08 a barrel, after losing 5 percent the previous session."Warnings from the IEA of a ...

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First Published: Thu, July 12 2018. 19:28 IST
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