Oil prices surge over supply disruptions on Canada-US oil pipeline

The Nation  |  Dec 09, 2022

Oil prices rose on Friday following reports of a leak in the pipeline that transports crude oil from Canada to the US, disrupting nearly 600,000 barrels of oil per day.

International benchmark Brent crude traded at $76.66 per barrel at 09.59 a.m. local time (0659 GMT), up 0.67% from the closing price of $76.15 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $72.02 per barrel, a 0.78% gain after the previous session closed at $71.46 a barrel.

During the previous trading session, both benchmarks fell to their lowest levels since December 2021, with Brent falling to $75.74 per barrel on concerns about a steeper Federal Reserve rate hike next week.

However, prices recovered on Friday after the Keystone Pipeline was shut down due to a leak discovered near the Kansas-Nebraska border.

Canada’s TC Energy confirmed the release of an estimated 14,000 barrels of oil as of late Thursday.

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The Energy Information Administration reported that oil inventories fell by about 5.2 million barrels during the week ending Dec. 2, a larger-than-expected drop that should limit further price increases.

Over the same period, US gasoline inventories surged by 5.3 million barrels, limiting price upticks.

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