Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth.
Brent crude futures were at $76.74 a barrel, up 59 cents, or 0.8%, at 0115 GMT after dropping 1.3% on Thursday.
News of an accident closing Canada's TC Energy's Keystone pipeline in the United States prompted a brief rally on Thursday, but prices finally eased as the market took a view that the closure would be brief. More than 14,000 barrels ofinto a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade.
WTI prices are close to the $70 level, which is where the Biden administration is expected to start to consider refilling the strategic petroleum reserve, he added.
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