Oil extends rally on Kazakhstan unrest, Libyan outages | Reuters
Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstanand supply outages in Libya.
The global benchmark Brent crude futures rose $1.09, or 1.4%, to $81.89 a barrel, by 1054 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.17, or 1.5%, to $79.02 a barrel.
Both contracts were trading at their highest since late November.
Brent's 6-month market structure stood at about $4 a barrel in backwardation- where current prices trade at a premium to future prices - its widest since late November and usually a sign of a bullish market.
Russia sent paratroopers into Kazakhstan on Thursday to help quell a countrywide uprising after deadly violence spread across the tightly controlled former Soviet state. read more
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