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Oil Price Climb To Above $80/bbl Level
The commodity has once again reclaimed levels over $80 barrel, with WTI benchmark trading at $79.71 per bbl, while the Brent benchmark last traded at $82.21 per barrel, with a positive change of 0.28-0.29% over the previous day.
The gains which leads the commodity to log its best weekly gains since mid-December have come off owing to outages in Libya as well as growing crisis situation in Kazakhstan, giving rise to supply concerns for the commodity.
In the previous session also the commodity witnessed a gain of between 1.5-2% on the two integral crude benchmarks. This on a weekly basis amounts to a gain of 6 percent.
"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 in emailed comments as put in a Reuters report.
Simultaneously as per reports the supply output from the OPEC+ is not in sync with the growth in demand for the commodity.
