Oil rallies as IEA warns of output capacity limits

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…

 

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