Crude oil prices continued climbing higher in early trade today, driven by China’s relaxation of Covid-related restrictions.
The shut-down of the Keystone pipeline following an oil leak also contributed substantially to the latest price movements, that saw Brent crude approach $80 per barrel at the time of writing, and West Texas Intermediate nearing $75 per barrel.
TC Energy shut down the Keystone pipeline last weekend after a leak was detected in Nebraska and did not give a timeline for the restart of the oil transport channel, fueling concern about supply in the United States. Keystone carries more than 600,000 bpd of Canadian crude to the United States.
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