LONDON—Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. The global benchmark Brent crude futures rose $1.09, or 1.4 percent, to $81.89 a barrel, by 1054 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.17, or 1.5 percent, to $79.02 a barrel. Both contracts were trading at their highest since late November. Brent’s 6-month market structure stood at about $4 a barrel in backwardation—where current prices trade at a premium to future prices—its widest since late November and usually a sign of a bullish market. Russia sent paratroopers into Kazakhstan on Thursday to help quell a countrywide uprising after deadly violence spread across the tightly controlled former Soviet state. “The political situation in Kazakhstan is becoming increasingly tense,” Commerzbank said. “And this is a country that is currently producing 1.6 million barrels …
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