London : 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 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 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 Bieber, technical analyst at London brokerage PVM Oil Associates.
Sheikh argued that the government should have maintained stable petroleum prices
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