Oil prices rose on Friday as unrest in Kazakhstan continued to fuel supply concerns.
Brent futures climbed 52 cents or 0.6% to $ 82.51 a barrel after gaining 1.5% on Thursday. Futures on the WTI strengthened by 57 cents or 0.7% to $ 80.03 a barrel after yesterday’s jump of 2.1%.
Brent and WTI head for total gains of more than 6% in the first week of 2022, with prices at higher levels since late November as concerns about supply levels overshadow concerns about the rapid spread of the micron mutation in every corner of the planet and the potential impact on the economy.
Violent unrest in Kazakhstan and political uncertainty in Libya continue to cause concern. After days of violent demonstrations and unrest with many dead in Kazakhstan, the President of the country said today that the constitutional order was restored. Analysts, however, are worried about a new round of violence in the oil-rich Central Asian country as the situation remains volatile.
Meanwhile, production in Libya fell further to 729,000 barrels per day from a high of 1.3 million barrels last year.
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