WASHINGTON (dpa-AFX) - Oil prices rose on Friday and headed for their biggest weekly gains since mid-December on supply concerns amid escalating unrest in Kazakhstan and outages in Libya.
Investors are also pinning hopes that the Omicron variant of the coronavirus will not significantly impact global oil demand.
Benchmark Brent crude futures jumped 85 cents, or 1 percent, to $82.84 per barrel, while WTI crude futures were up 86 cents, or 1.1 percent, at $80.32.
The upward jump in oil prices reflects the market jitters as unrest escalates in Kazakhstan.
Kazakhstan's authoritarian leader says he has ordered security forces to 'fire without warning', amid a violent crackdown on anti-government protests.
Kazakhstan produces about 1.6 million barrels of oil per day. Russia has reportedly sent its paratroopers into Kazakhstan to help control a countrywide uprising that erupted after widespread violence.
Elsewhere, the political situation in Libya continues to deteriorate and sideline oil output.
The Omicron coronavirus variant is spreading at a fast speed but there is increasing evidence that it is less severe compared to Delta, especially in those vaccinated.
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