Oil Declines as Supply Interruptions Fade, China Battles Omicron

(Bloomberg) — Oil dropped — after recording the biggest weekly gain in a month — as supplies returned in Libya and Kazakhstan, and investors tracked China’s handling of its first community spread of omicron.

Brent crude fell 0.5% in Asian trading after rising more than 5% last week to $83 a barrel, the highest since late November. Libyan production rose to 900,000 barrels a day after maintenance was completed, while some output was restored in Kazakhstan following unrest that crimped supplies last week.