Oil bounces on pipeline shutdown but heads for weekly loss on demand woes
Oil prices bounced higher on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but both benchmarks were headed for a weekly loss on worries over slowing global demand growth.
Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday.
U.S. West Texas Intermediate crude rose 52 cents, or 0.73%, to $71.98 a barrel, having settled 0.8% lower in the previous session.
News of an accident closing Canada’s TC Energy’s Keystone pipeline in the United States prompted a brief rally on Thursday, but prices finally eased as the market took a view that the closure would be brief.
