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Oil steadies despite IEA warning of spare capacity limits

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices steadied on Thursday, after the International Energy Agency's (IEA) warned that the world's oil supply cushion "might be stretched to the limit" due to production losses in several different countries.Brent crude oil gained 59 cents a barrel to trade at $74 by 1:44 p.m. EDT (1746 GMT), 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 fell 41 cents to $69.97 a barrel, after losing 5 percent the previous session.The market largely ...

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First Published: Thu, July 12 2018. 23:28 IST