West Texas Intermediate rose toward $72 a barrel after collapsing 11% last week. TC Energy Corp is continuing recovery efforts at its shuttered Keystone pipeline – which links fields in Canada to refiners on the US Gulf Coast – and a date for aChina has been moving away from its Covid-Zero policy following a wave of protests, even as thecontinues to spread, offering prospects for a revival in energy consumption in the world’s largest crude importer.
Crude remains on track for its first back-to-back quarterly decline since mid-2019 as the demand outlook sours and thin liquidity exacerbates price swings into the year-end. Investors are also weighing the fallout from the $60-a-barrel price cap imposed by the Group of Seven and European Union on Russian crude to punish Moscow for the Ukraine invasion.
The risk of a production cut from Russia could potentially add “fresh support to the market ahead of what looks like a challenging 2023,” said Charu Chanana, market strategist at Saxo Capital Markets Pte in Singapore. Supply worries may keep prices elevated despite the risk of lower demand, she said.
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