Brent crude rose 16 cents (0.2%) at $ 81.91 a barrel at 0406 GMT, while West Texas Intermediate (WTI) crude rose 15 cents (0.2%) at $ 79.05 a barrel. Oil prices rose 5% last week after protests in Kazakhstan disrupted rail lines and hit production in the country’s top oil field, Tengiz. If Russia invades Ukraine, it could disrupt Russia’s exports of crude oil to Europe and push up oil prices, the bank added. Oil has also gained support from rising global demand and the addition of less than expected supply from OPEC, Russia and its allies, or OPEC +. OPEC production in December increased by 70,000 bpd from the previous month, but what is the 253,000 bpd increase allowed by the OPEC + supply contract that reduced production in 2020 when demand collapsed due to the blockade of COVID-19?

Source: Libya Today January 10, 2022 05:06 UTC