Oil futures edge lower, set for big weekly declines, on oversupply concerns


TOKYO (Reuters) – Oil prices fell 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.

FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S., May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Brent crude LCOc1 dropped 35 cents, or 0.5 percent, to $74.10 a barrel by 0657 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.

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