Oil Rises on Uncertainty Over US Pipeline Restart

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.
Brent crude futures were up 30 cents, or 0.4%, to $76.40 a barrel. 
US West Texas Intermediate crude was at $71.53 a barrel, up 51 cents, or 0.7%, Nasdaq.com reported.
The price gains on Monday for Brent and WTI follow declines in both grades last week to their lowest since December 2021 amid concerns that a potential global recession will impact oil demand.
"Oil prices are higher as the Keystone pipeline remains shut, China's Covid controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA.
The 622,000-barrel per day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the US Midwest and the Gulf Coast.
China, the world's biggest crude oil importer, continued to loosen its strict zero-Covid policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend, with residents saying a return to normal is a long way off.