Oil prices edge up on Kazakhstan, Libyan supply worries | Reuters

Oil prices edge up on Kazakhstan, Libyan supply worries | Reuters

Oil prices edged up on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections.

Brent crude rose 24 cents, or 0.3%, to $81.99 a barrel at 0730 GMT, while U.S. West Texas Intermediate (WTI) crude was up 22 cents, or 0.3%, at $79.12 a barrel.

Oil prices gained 5% last week after protests in Kazakhstan disrupted train lines and hit production at the country's top oilfield Tengiz, while pipeline maintenance in Libya pushed production down to 729,000 barrels per day from a high of 1.3 million bpd last year. read more

"It’s all supply issues at the moment," said Howie Lee, an economist at Singapore's OCBC bank, referring to the disruptions in Libya, Kazakhstan and falling crude inventories in the United States.