Oil prices continue to climb

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.

Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play. 

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