NEW YORK – Oil prices slipped on Friday (Jan. 7), but managed to gain for the week, as traders grew concerned over the supply side.
The West Texas Intermediate for February delivery lost 56 cents, or 0.7%, to settle at $78.90 a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased 24 cents, or 0.3%, to close at $81.75 a barrel on the London ICE Futures Exchange.
For the week, the U.S. crude benchmark advanced 4.9%, while Brent jumped 5.1%, based on the front-month contracts.
“It is concerns about supply that play a more important role in the latest price rise,” Carsten Fritsch, energy analyst at Commerzbank Research, said on Friday.
“The unrest in Kazakhstan has fuelled fears that oil production there could likewise be hampered,” he added.
Statistics showed that Kazakhstan produces around 1.6 million barrels of crude oil per day, making it one of the larger producers within OPEC+. (Xinhua) – bny
