Oil futures ended higher Thursday, building on a strong start to 2022, as traders worried about unrest in Kazakhstan and production outages in Libya. Dozens of people were killed in Kazakhstan on Thursday as authorities responded to countrywide protests over soaring fuel prices. “The upward jump in oil prices mostly reflects the market jitters as unrest escalates in Kazakhstan and the political situation in Libya continues to deteriorate and sideline oil output,” she said in a note. Combined with oil field outages, Libyan output is seen down by more than 500,000 barrels a day. The five-year average withdrawal for this time of year is 108 billion cubic feet, noted Christin Redmond, commodity analyst at Schneider Electric, in a note.

Source: Libya Today January 06, 2022 17:32 UTC