Oil prices continue to move higher – US supply issues, China reopening optimism cited | Forexlive

Brent and WTI both higher.

The gains are being attributed to:

1. the closure of the Keystone Pipeline, which ships about 620,000 barrels-per-day of Canadian crude from Alberta to the United States

Says Reuters:

• Keystone has remained shut since a 14,000-barrel leak in the U.S. state of Kansas reported on Dec. 7
• TC Energy has not released a timeline for a restart of the line

and 2. Analysts from Bank of America expect that a successful economic reopening in China from its COVID-19 restrictions, combined with a dovish pivot by the U.S. Federal Reserve on its interest rate increases, could boost fuel demand and propel Brent oil prices above $90 a barrel.

—

Update: