Oil prices rose on Monday, as supply disruptions in Kazakhstan and Libya offset fears stemming from the rapid global rise in infections with the mutated Omicron strain of the coronavirus.
Brent crude rose 16 cents, or 0.2 percent, to $81.91 a barrel at 0406 GMT, while US West Texas Intermediate crude rose 15 cents, or 0.2 percent, to $79.05 a barrel.
Oil prices rose five percent last week following protests in Kazakhstan disrupted train lines and damaged production in the country’s largest oilfield, while pipeline maintenance in Libya reduced production from 1.3 million barrels per day last year to 729,000 barrels per day.
Employment in the United States rose less than expected in December amid a shortage of workers, and the increase in employment might remain modest in the near term as rising COVID-19 infections disrupt economic activity.
According to a Archyde.com tally, more than 304.87 million cases of coronavirus and 5.3 million deaths have been recorded worldwide.
(Archyde.com)
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