The price of oil is steadying after falling over the past several weeks.
A key pipeline in the U.S. was closed and Russia has threatened to cut production.
According to Reuters, Brent crude futures were down by 15 cents to $75.95 per barrel, with West Texas Intermediate crude at $71.39, which us up 37 cents.
China is the largest crude oil importer in the world, and they recently loosened their strict COVID-19 policies.
Analysts believe that oil markets will remain volatile in the near future due to the unknown factors that come from Russia’s actions, the ban on the EU, China’s COVID policies, and central bank movements.
The Keystone oil pipe leak in the U.S. is still being investigated by Canada as of Sunday. When the pipeline will be back up has yet to be determined.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]