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Oil prices were little changed on Friday as markets digested big swings earlier in the week that have left both major benchmarks facing a second weekly loss and largely shrugged off a warning about tightness in spare capacity.
Brent crude LCOc1 eased 20 cents, or 0.3 percent, to $74.25 by 0523 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 percent.
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.
However, a warning on spare capacity by the International Energy Agency (IEA) pushed Brent higher on Thursday, helping it recoup some losses.
The Organization of the Petroleum Exporting Countries (OPEC) and other key producers including Russia have responded to the recent market tightness by easing a supply-cut agreement.
The IEA cautioned that the world’s oil supply cushion “might be stretched to the limit” due to production losses in several different countries.
Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare capacity cushion, which might be stretched to the limit,
Trade Suggestion Sell Crude Oil At: 70.35, Take Profit At: 69.01, Stop Loss At: 71.58