NEW DELHI: Oil prices rose for a second day on Tuesday as a key pipeline supplying the United States, the world’s biggest crude consumer, remained shut and on expectations loosening Covid restrictions in China, the second-biggest user globally, will boost demand.
Brent crude futures rose 64 cents, or 0.8%, to $78.63 per barrel by 0202 GMT, while US West Texas Intermediate (WTI) crude futures gained 64 cents, or 0.9%, to $73.81.
The closure of TC Energy Corp’s Keystone Pipeline, which ships about 620,000 barrels-per-day of Canadian crude from Alberta to the United States, has tightened supplies and raised the prospect that inventories at the Cushing, Oklahoma, storage hub will decline. Cushing is also delivery point for the WTI crude futures contract.
