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Oil heads for best week since mid-Dec, Kazakhstan unrest stokes supply worries

Oil&Gas Materials 7 January 2022 09:33 (UTC +04:00)
Oil heads for best week since mid-Dec, Kazakhstan unrest stokes supply worries

Oil prices edged up on Friday, heading for their biggest weekly gains since mid-December, fuelled by supply worries amid escalating unrest in Kazakhstan and outages in Libya, Trend reports with reference to Reuters.

Brent crude futures climbed 57 cents, or 0.7%, to $82.56 a barrel at 0403 GMT, after a 1.5% jump in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 67 cents, or 0.84%, to $80.13 a barrel, extending a 2.1% gain in the previous session.

Brent and WTI were on track for a more than 6% gain in the first week of the year, with prices at their highest since late November, as supply concerns overtook worries that the rapid spread of the Omicron coronavirus variant might hurt demand.

"The upward jump in oil prices mostly reflects the market jitters as unrest escalates in Kazakhstan and the political situation in Libya continues to deteriorate and sideline oil output," Rystad Energy analyst Louise Dickson said in emailed comments.

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