MELBOURNE/BEIJING: Oil prices edged up on Friday, heading for their biggest weekly gains since mid-December, fuelled by supply worries amid escalating unrest in Kazakhstan and outages in Libya. “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,” Rystad Energy analyst Louise Dickson said in emailed comments. Article continues after this advertisementAfter days of unrest in Kazakhstan, during which the government declared a state of emergency, Russia on Thursday sent in paratroopers to quash the uprising. Wang Xiao, lead researcher from Guotai Junan Futures, said that low oil inventory in Europe and America was also supporting market sentiment. “But overall, the price rally stokes inflation concerns, which could weigh on any further oil price gains.”

Source: Libya Today January 07, 2022 10:57 UTC