Oil edges up on U.S. pipeline restart uncertainty, Russian supplies
12/12/2022 10:40:00 AM
Oil prices rose as much as more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.
Brent crude futures were up 41 cents, or 0.5%, at $76.51 a barrel by 0730 GMT. U.S. West Texas Intermediate crude was at $71.55 a barrel, up 53 cents, or 0.8%.
The price gains on Monday for Brent and WTI came after both grades fell last week to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.
Brent crude futures were up 41 cents, or 0.5%, at $76.51 a barrel by 0730 GMT. U.S. West Texas Intermediate crude was at $71.55 a barrel, up 53 cents, or 0.8%.
The price gains on Monday for Brent and WTI came after both grades fell last week to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.