.png)
Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. U.S. West Texas Intermediate crude was at $72.17 a barrel, up 66 cents, or 0.93%. Brent crude futures were up 4 cents, or 0.5%, to $76.75 a barrel. The price gains on Monday for Brent and WTI follow declines in both grades last week to their lowest since December 2021 amid concerns that a potential global recession will impact oil demand. “Oil prices are higher as the Keystone pipeline remains shut, China’s COVID controls ease and on concerns that Russia could reduce output,” said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada’s TC Energy said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. China, the world’s biggest crude oil […]
CamTrader offers a preview only. View original article. boereport.com
