WTI Oil Jumps 1.6% Violence Erupts in Kazakhstan

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WTI Oil Jumps 1.6% Violence Erupts in Kazakhstan

US benchmark oil prices climb as high as $79.54 a barrel early in NY and were recently up 1.6% at $79.11 as violence erupts in Kazakhstan, a 1.6-million-barrel-a-day oil producer that’s a member of the OPEC-plus alliance. The Russian news agency TASS reports dozens of protesters were killed while storming administrative and police buildings when Russian-led troops fought to stop them. “Oil is up over a full point and trading within reach of $80, as Russia sends troops to Kazakhstan,” says Peter Cardillo at Spartan Capital, adding that production outages in Libya due to a busted pipeline are adding price-support as global supplies tighten.