Sydney December 9 2022: 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.
U.S. West Texas Intermediate crude rose 68 cents, or 1%, to $72.14 a barrel after settling 0.8% lower in the previous session.
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 of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade.
The news appears "to be only short-term negative for supplies but doesn't change anything with the deteriorating crude demand outlook", OANDA analyst Edward Moya said in a note.