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Oil prices settled up about $2 a barrel on Monday on supply
jitters, as a key pipeline supplying the United States closed and
Russia threatened a production cut even as China’s loosening
COVID-19 restrictions bolstered the fuel demand outlook, Trend reports citing Reuters.
Brent crude futures settled at $77.99 a barrel, gaining $1.89 or
2.5%. U.S. West Texas Intermediate crude settled at $73.17 a
barrel, rising $2.15, or 3%.
Last week, Brent and WTI fell to their lowest since December
2021 as investors worried a possible global recession could hurt
oil demand.
The potential of a prolonged outage of TC Energy Corp’s (TRP.TO)
Canada-to-U.S. Keystone crude oil pipeline helped turn prices
around.
“Keystone Pipeline repair appears to be taking longer than
expected (and) upping the possibility of further stock draws at
Cushing,” said Jim Ritterbusch at Ritterbusch and Associates.
Traders worried about how long it would take to clean up and
restart the Keystone oil pipeline after more than 14,000 barrels of
oil leaked last week, the largest U.S. crude oil spill in nearly a
decade.
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