Oil Rises Due to Supply Disruptions in Kazakhstan And Libya

Oil prices rose Monday, January 10, as supply disruptions in Kazakhstan and Libya offset fears stemming from the rapid global rise in infections with the mutated Omicron strain of the coronavirus.

Brent crude rose 16 cents, or 0.2%, to $81.91 a barrel, while US West Texas Intermediate crude rose 15 cents, or 0.2%, to $79.05 a barrel.

Oil prices rose 5% last week after protests in Kazakhstan disrupted train lines and damaged production in the country’s largest oil field, while pipeline maintenance in Libya reduced production from 1.3 million barrels per day last year to 729,000 barrels per day.

Employment in the United States rose less than expected in December amid a shortage of workers, and the increase in employment could remain modest in the near term at a time when the increase in Corona injuries disrupts economic activity.

More than 304.87 million cases of coronavirus, five million and about 835,000 deaths have been recorded worldwide, according to a Reuters tally.