News Oil 

Oil edges lower, set for big weekly decline 

“This vulnerability currently underpins oil prices and seems likely to continue doing so,” the agency said” writes unknown author for cnbc.com. 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.It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-U.S. trade war.The IEA cautioned that the world’s oil supply cushion “might be stretched to the limit” due to production losses in several different countries.
 
Source: cnbc.com



Share This:

Related posts