Paring initial gains, crude oil futures ended lower on Friday as investors continued to monitor unrest in Kazakhstan that threatens to add to supply outages that have helped boost crude prices. Kazakhstan produces about 1.6 million barrels of oil per day. Russia has reportedly sent its paratroopers into Kazakhstan to help control a countrywide uprising that erupted after widespread violence. Elsewhere, the political situation in Libya continues to deteriorate and sideline oil output. Production in Libya has dropped to 729,000 barrels per day from a high of 1.3 million bpd last year, partly due to pipeline maintenance work. Investors also continued to bet on hopes the Omicron variant of the coronavirus will not significantly impact global oil demand.
Benchmark crude oil futures for February delivery fell 56 cents or 0.7 percent to settle at $78.90 a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost 24 cents or 0.3 percent to settle at $81.75 a barrel on London's Intercontinental Exchange.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: