Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections. Brent crude rose 24 cents, or 0.3%, to $81.99 a barrel, while WTI crude was up 22 cents, or 0.3%, at $79.12 a barrel, Reuters reported. "It is all supply issues at the moment," said Howie Lee, an economist at Singapore's OCBC bank, referring to the disruptions in Libya, Kazakhstan and falling crude inventories in the United States. These factors "look like they will continue to shape up a bullish narrative for oil", Lee said. If Russia invades Ukraine, it could disrupt Russian crude exports to Europe and push oil prices higher, RBC Capital analysts said in a note.

Source: Libya Today January 11, 2022 05:21 UTC