January 10, 2022

This is the development of oil prices at the beginning of the week

 Crude oil trade eased slightly earlier in the week as supplies resumed running in Libya and Kazakhstan.

In the Asian session, Brent crude futures traded steady at around $ 81.85 a barrel, while US WTI traded slightly changed at $ 79 a barrel.

Both benchmarks have been boosted to rise to two-month highs in the past week following production disruptions in Libya and Kazakhstan.

However in the latest development, production by Libya reportedly increased again to 900,000 barrels a day after maintenance was completed. Meanwhile some production in Kazakhstan has also begun to recover following unrest that blocked supplies last week.

Meanwhile, Covid-19’s zero-tolerance approach by China has caused investors little concern if it could affect demand from the world’s largest oil importer.

Most recently, China began a large-scale testing campaign of the northern port city of Tianjin after two community cases were confirmed as Omicron, a very simple and fast-spreading variant.