On Friday, oil prices eased as the market was hit by supply concerns over unrest in Kazakhstan and production restrictions in Libya. Brent crude futures fell 24 cents, or 0.3%, to $ 81.75 a barrel. West Texas crude futures were down 56 cents, or 0.7%, at $ 78.90 a barrel. Libya’s production fell to 729,000 barrels a day, up from 1.3 million barrels a day last year, largely due to pipeline maintenance. At the same time, the increase in supply from the Organization of the Petroleum Exporting Countries (OPEC), the OPEC + Group, which includes Russia and its allies, has not kept pace with growing demand.

Source: Libya Today January 08, 2022 21:13 UTC