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Oil prices are mixed but heading for a big weekly fall
Oil prices remained flat on Friday as the market digested earlier signs of the week, which made the benchmark crude oil rivals face their second weekly loss in somewhat ignoring warnings about shrinking spare capacity.
Brent crude <LCOc1> fell 20 cents, or 0.3 percent, to $ 74.25 a barrel by 0523 GMT. Crude was up $ 1.05 a barrel on Thursday, recovering from a record low of $ 72.67 a barrel.
Crude is heading for a weekly drop of about 4 percent.
US crude <CLc1> rose 5 cents to $ 70.38 after remaining low across much of Asia. Crude is heading for a weekly drop of more than 4 percent.
US crude <CLc1> rose 5 cents to $ 70.38 after remaining low across much of Asia. Crude is heading for a weekly drop of more than 4 percent.
The week was a tough day for the crude, with heavy losses on Wednesday as traders focused on Libya's return to the market amid fears of a Sino-US trade war.
But a warning about the International Energy Agency's surplus capacity drove Brent up on Thursday, helping to offset some of the losses.
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