.png)
Oil rebounded as a key North American pipeline remained shut and on the potential boost to demand from the easing of virus curbs in China. West Texas Intermediate rose toward $72 a barrel after collapsing 11% last week. TC Energy Corp. is continuing recovery efforts at its shuttered Keystone pipeline – which links fields in Canada to refiners on the US Gulf Coast — and a date for a restart hasn’t yet been set, according to a statement on Sunday. China has been moving away from its Covid Zero policy following a wave of protests, even as the virus continues to spread, offering prospects for a revival in energy consumption in the world’s largest crude importer. That’s helping to offset concerns that the US may be headed for a recession after the Federal Reserve aggressively hiked interest rates to quell inflation. Crude remains on track for its first back-to-back quarterly decline since mid-2019 as the demand outlook sours and thin liquidity exacerbates price swings into the year-end. Investors are also weighing the fallout from the $60-a-barrel price cap imposed by the Group of Seven and European Union on Russian crude to punish Moscow for the Ukraine invasion. On Friday, […]
CamTrader offers a preview only. View original article. www.bloomberg.com
