:Oil prices edged lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy. ET (1717 GMT), while U.S. West Texas Intermediate (WTI) crude fell 54 cents to US$78.93 a barrel. Brent and WTI were on track for gains of about 5per cent in the first week of the year, with prices at their highest since late November, spurred on by the supply concerns. The protests began in Kazakhstan's oil-rich western regions after state price caps on butane and propane were removed on New Year's Day. While the Omicron coronavirus variant is rapidly taking hold, demand-side concerns are easing amid rising evidence that it is less severe than previous variants.

Source: Libya Today January 07, 2022 17:38 UTC