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. Security forces appeared to be in control of the streets of Kazakhstan's main city Almaty on Friday and the president said constitutional order had mostly been restored, a day after Russia sent troops to put down an uprising. "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. West Texas Intermediate (WTI) crude rose 59 cents, or 0.7%, to $80.05 a barrel.īrent and WTI were on track for gains of almost 6.5% in the first week of the year, with prices at their highest since late November, as supply concerns overtook worries that the rapid spread of the Omicron coronavirus variant might hurt demand. 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 spurred concerns over supply.īrent crude climbed 70 cents, or 0.9%, to $82.69 a barrel at 1229 GMT.
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