(Mick Tsikas/Reuters)Oil Extends Rally on Kazakhstan Unrest, Libyan OutagesLONDON—Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. The global benchmark Brent crude futures rose $1.09, or 1.4 percent, to $81.89 a barrel, by 1054 GMT. “And this is a country that is currently producing 1.6 million barrels of oil per day.”There were no indications that oil production has been affected so far. Libyan oil output is down by over 500,000 barrels per day due to pipeline maintenance and oilfield shutdowns. U.S. crude oil stockpiles fell last week while gasoline inventories surged more than 10 million barrels, the biggest weekly build since April 2020, as supplies backed up at refineries due to reduced fuel demand.

Source: Libya Today January 07, 2022 01:01 UTC