Oil extends rally on Kazakhstan unrest and Libyan outages | Reuters
Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya.
Global benchmark Brent crude futures rose $1.33, or 1.7%, to $82.13 a barrel by 1324 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.55, or 2%, to $79.40.
Both contracts were trading at their highest since late November.
Brent's six-month backwardation stood at about $4 a barrel, its widest since late November. Backwardation is a market structure where current prices trade at a premium to future prices and is usually a sign of a bullish market.
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