Oil Set For Steep Weekly Loss On Demand Woes

Oil prices rose slightly on Friday but were on track for their biggest weekly drop in months on worries about a possible recession.

Benchmark Brent crude futures were up 0.1 percent at $76.27 a barrel, languishing near 2022 lows on worries of deeper global economic downturn. WTI crude futures were up 0.4 percent at $71.75.

Both contracts were on track to post a 10 percent weekly loss as recession worries amplified by aggressive monetary policy tightening overshadowed investor optimism over China’s economic reopening.

Prices held steady today following reports of a leak in the pipeline that transports crude oil from Canada to the United States.

TC Energy, the operator of the Keystone Pipeline, said on Thursday that it had shut down the oil pipeline in response to a confirmed release of oil into a creek, approximately 20 miles (approx. 32 kilometers) south of Steele City, NE.

More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade.