Oil prices steadied on Thursday after the International Energy Agency’s (IEA) warned that the world’s oil supply cushion “might be stretched to the limit” due to production losses in several different countries. Brent crude oil LCOc1 gained 59 cents a barrel to trade at $74 by 1:44 p.m. EDT (1746 GMT), rebounding from a session low of $72.67. On Wednesday, the global benchmark slumped $5.46, or 6.9 percent, its biggest one-day fall in two years. U.S. crude CLc1 fell 41 cents to $69.97 a barrel, after losing 5 percent the previous session. The market largely shrugged off warnings from the IEA that there a potential spare capacity crunch looms. “Rising production from Middle East Gulf countries and Russia, welcome though it […]