Oil Prices Steadied after Supply Curbs Restored in the Middle East

Oil steadied after supply curbs returned to normal in Libya and Kazahstan and investor’s tracking China’s handling of omicron mutant spread.

Brent crude oil remained little change after rising more than 5% last week to $85 which marked the highest since late November. Crude oil production in Libya rose to 900,000 barrels a day after completion of maintenance while output was party restored in Kazakhstan following unrest that curbed supply last week.

Crude oil WTI inched up by 0.08% on Monday to $78.95 per barrel while Brent up by 0.04% to $81.79 per barrel.

Oil faces another demand challenge as omicron spreads further in the norther port city of Tianjin and China implementing zero-tolerance approach to address the spread of omicron.