By Biman Mukherji
--Brent oil futures have rebounded from session lows in Friday afternoon Asian trading as the international benchmark's 1.4% rebound Thursday was followed by a morning pullback.
--The September contract was recently down 0.2% at $74.30 a barrel after earlier dropping below $74. Following a 5-cent drop on Thursday, August light, sweet crude on the New York Mercantile Exchange was recently up a nickel at $70.38 in the Globex trading session.
--The market's big story this week was the looming resumpion of Libyan oil exports, which sent crude plunging more than 5% on Wednesday. BMI Research's Peter Lee noted that investors are also paying attention to reports that Saudi Arabia and Russia have started their output increases, though they are likely to be offset by drops in the likes of Iran and Angola.
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