Oil prices are stable but heading for a significant weekly decline

Oil prices stagnated on Friday, as the market digested major trends early in the week, causing the benchmark crude to face the second weekly loss by ignoring warnings about shrinking capacity surplus production. 19659002] Brent crude fell 20 cents, or 0.3 percent, to $ 74.25 a barrel at 05/23 GMT. Crude oil prices climbed $ 1.05 a barrel on Thursday, returning from a record low of $ 72.67 a barrel.

Crude oil is heading for a weekly decline of about 4%. US crude jumped five cents to $ 70.38 after falling for most of the Asian trading session. Crude is heading for a weekly decline of more than 4%

This week was tough for crude, with heavy losses on Wednesday as traders focused on Libya's return to the market, fearing a trade war Chinese-American.

But a warning about excess production capacity released by the International Energy Agency pushed Brent up on Thursday, helping to offset some losses.