Latest Oil Prices, Market News and Analysis for March 8 - Bloomberg
Latest Oil Prices, Market News and Analysis for March 8 - Bloomberg
Oil Advances After Canada-US Keystone Pipeline Briefly Halts
- Operator TC Energy says no crude was released from conduit
- Brent on track for narrowest weekly trading range since 2021
Pipes for the Keystone XL pipeline stacked in a yard near Oyen, Alberta, Canada. Photographer: Jason Franson/Bloomberg
Oil gained after services were briefly suspended at the Keystone pipeline, a crucial conduit carrying Canadian crude to the US.
Brent rose toward $84 a barrel after ending unchanged on Thursday. West Texas Intermediate climbed above $79. Operator TC Energy Corp. confirmed Keystone’s integrity in a statement, adding that service was temporarily suspended“as a precautionary measure” and that no crude was released.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.