Oil extends bounce as supply worries rise

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Oil extends bounce as supply worries rise
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Oil futures rise Tuesday as a major North American pipeline remains closed

Oil futures rose Tuesday, finding support as the Keystone pipeline remained closed and investors gauged a potential boost to demand from China’s loosening of COVID-19 curbs.

The... Oil futures rose Tuesday, finding support as the Keystone pipeline remained closed and investors gauged a potential boost to demand from China’s loosening of COVID-19 curbs. The Keystone pipeline remains closed following a leak last week that spilled 14,000 barrels of crude in Kansas. The pipeline’s operator, Canada-based TC Energy Corp. TRP , hasn’t provided a timetable for a resumption of flows. The pipeline carries around 600,000 barrels a day of crude from Canada to Cushing, Oklahoma, where it can connect to another pipeline to the Gulf Coast.

Some analysts were skeptical of the bounce, noting that China’s rebound from the COVID curbs could be undercut in the short term by a jump in infections, while questioning Russia’s willingness to cut off flows

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