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MTECHTIPS;-Oil rallies as IEA warns of output capacity limits

Thursday, July 12, 2018 6:25

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MTECHTIPS;-Oil rallies as IEA warns of output capacity limits

MTECHTIPS-Oil prices rallied on Thursday, recouping some ground following sharp losses the previous session after Libya said it would resume oil exports. The rally received an extra 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 (LCOc 1) rose $1.66, or more than 2.2 percent, to a high of $75.06 a barrel before easing back to trade around $74.80 by 0815 GMT. On Wednesday, Brent had slumped $5.46 or 6.9 percent. U.S. light crude (CLc 1) gained 50 cents to $70.88 a barrel, after falling 5 percent the previous session. “The market fell out of bed yesterday as support failed (but was)… probably overdone to the downside,” said Robin Bier, technical analyst at London brokerage PVM Oil Associates. “Sharp attempts to recover are to be expected.” An announcement by Libya’s National Oil Corp that four oil export terminals were reopening, ending a standoff that had shut down most of Libya’s oil output, was a key catalyst for the price fall on Wednesday, analysts said

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