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Oil gives up earlier gains - CNBC

An aerial view of Phillips 66 oil refinery in the United States.
Tayfun Coskun | Anadolu Agency | Getty Images

Oil futures erased earlier gains Thursday as concerns faded that a shutdown of the Keystone Pipeline would have a significant impact on supplies.

Several reports said Canada's TC Energy said Thursday it shut the Keystone after an oil spill into a Kansas creek.

It is unclear how long the line will be closed. The pipeline is the main artery for the shipment of Canadian oil from Alberta to Gulf Coast and Midwest refineries.

"It's not expected to last or have a meaningful impact on supplies," said John Kilduff of Again Capital.

Brent crude fell $1.23, or 1.6%, to $75.94 a barrel, while U.S. West Texas Intermediate (WTI) crude slid 1% to $71.35.

Oil prices jumped earlier in the day after China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia's Black Sea ports.

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Oil gives up earlier gains - CNBC
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