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Due to Kazakhstan and Libya, oil prices are giving up on weekly gains

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Oil prices fell on the deal Friday as the market was impacted by supply concerns due to the unrest in Kazakhstan and production interruptions in Libya, in addition to the release of the US employment report which fell short of expectations and its potential impact on Federal Reserve policy.

THE future on Brent crude oil they fell by 24 cents, or 0.3%, to stand at $ 81.75 a barrel. West Texas crude oil futures also fell 56 cents, or 0.7%, to stand at $ 78.90 a barrel.

The two benchmarks are about to see an increase of nearly 5%. The first week of the year with the prices reached Its highest levels since late November were driven by supply concerns.

Security forces appeared to be taking control of the streets of Kazakhstan’s largest city, Almaty, on Friday when the president announced the restoration of most of the constitutional order the day after Russia sent troops to thwart an uprising.

Libya’s production dropped to 729,000 barrels per day, from a high production of 1.3 million barrels per day last year, in partly due to the maintenance work of the oil pipelines.

The two dollar indices rose early in the session, but the oil market, along with equity markets and the dollar index, came under pressure after US employment numbers fell short of expectations.

At the same time, the supply increases of the OPEC + group, which includes the Organization of Petroleum Exporting Countries (OPEC), Russia and allies, are not keeping pace with the growth in demand.

OPEC production in December increased by 70,000 barrels per day from the previous month, well below the OPEC + agreement’s increase of 253,000 barrels per day, which restored production cutbacks in 2020 when demand collapsed due to the closure of Covid.

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