Oil prices jump on supply worries amid Kazakhstan unrest
MELBOURNE: Oil NSE 7.66 % prices rose on Friday as an uprising in Kazakhstan stoked worry that crude supply from the OPEC+ producer could be disrupted at the same time output has dropped in Libya.
Brent crude futures climbed 48 cents, or 0.6%, to $82.47 a barrel at 0127 GMT, adding to a 1.5% jump in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.6%, to $79.96 a barrel, extending a 2.1% gain in the previous session.
“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.
