New York — Oil prices fell on Thursday, extending the previous session’s sharp losses as Libyan exports resumed, despite the International Energy Agency’s (IEA) warning that the world’s oil supply cushion "might be stretched to the limit" due to production losses.Brent crude oil gained 15c a barrel to trade at $73.55 by 355pm GMT, after earlier trading at a session low of $72.67. On Wednesday, the global benchmark had slumped $5.46, or 6.9%, its biggest one-day fall in two years. US crude fell 63c to $69.75 a barrel, after losing 5% the previous session.Early in the session, both benchmarks pushed briefly higher on US President Donald Trump’s comments that his administration would try to negotiate a fair trade deal with China."The market was still nervous," said Phil Flynn, an analyst at Price Futures group in Chicago. After US crude briefly traded above $71 a barrel, traders exited positions, leading the market lower to test below $70 a barrel, he said.The market continued in the g...
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