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Oil rallies as IEA warns of output capacity limits

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices rallied on Thursday, recouping some ground after sharp losses the previous session when Libya said it would resume oil exports.The rally received a boost from the International Energy Agency (IEA), which 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 easing back to trade around $74.30 by 1210 GMT. On Wednesday, Brent had slumped $5.46 or 6.9 percent.U.S. light crude gained 50 cents to $70.88 a ...

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First Published: Thu, July 12 2018. 17:50 IST
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