Unrest in Kazakhstan and outages in Libya are driving worry about supply
London — Oil prices rose and were heading for their biggest weekly gains since mid-December on Friday, as unrest in Kazakhstan and outages in Libya fuelled concerns over supply.
“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. Oil production at Kazakhstan's top field Tengiz was reduced on Thursday, its operator Chevron said, as some contractors disrupted train lines in support of protests taking place across the central Asian country.
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