Tokyo — 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. Brent crude eased 36 cents, or 0.5%, to $74.09 by 3.26am GMT. On Thursday it gained $1.05 a barrel, rebounding from a session low of $72.67. It is heading for a weekly fall of nearly 4%. US crude dipped 4c to $70.29, after a 5c decline in the previous session. It is heading for a weekly decline of nearly 5%. 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-US trade war. However, a warning on spare capacity by the International Energy Agency (IEA) pushed Brent higher on Thursday, helping it recoup some losses. "It is a tough market," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "I think it is supported by relatively strong demand and...
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