Oil Futures Settle Sharply Higher On Supply Concerns

Crude oil prices rose sharply on Monday on supply concerns following the continued closure of a pipeline carrying Canadian heavy crude to the U.S. Gulf Coast of Mexico.

West Texas Intermediate Crude oil futures for January ended higher by $2.15 or about 3% at $73.17 a barrel.

Brent crude futures settled at $77.99 a barrel today, down $1.89 or about 2.5% from the previous close.

It is not known as yet as to how long it will take TC Energy Corp to restart its Keystone oil pipeline that was shut after more than 14,000 barrels of oil leaked on the line last week.

Traders also looked ahead to the consumer price inflation data, and the Federal Reserve’s monetary policy meeting.