Washington (dpa)
Posted on: Tuesday 13 December 2022 – 00:19 | Last updated: Tuesday 13 December 2022 – 00:20
Oil futures ended trading on Monday, sharply higher after last week’s decline as concerns grew over the stability of supplies as a major pipeline carrying heavy crude oil from Canada to US refineries on the Gulf Coast Mexico remained closed.
The price of West Texas Intermediate crude, which is the benchmark for U.S. oil, rose 2.15 percent today, or about 3 percent, to $73.17 a barrel for next January delivery. The price of Brent crude, the global oil benchmark, rose $1.89, or 2.5%, to $77.99 a barrel for next February delivery.
At the same time, it is not yet known when the Keystone pipeline will resume operations, which was suspended after the spill of more than 14,000 barrels of crude oil last week.
Market participants are also awaiting last month’s US inflation data, which will be released tomorrow, one day before the US Federal Reserve (Central Bank) announces its interest rate decision next Wednesday.
