BREAKING: Oil extends declines as Keystone may partially resume operations

6:38 PM 9 December 2022

According to unconfirmed sources operator TC Energy is said to be planning a partial Keystone restart beginning on December 10th. As a result oil sell-off gained steam, with the OIL.WTI contract approaching $70.00 per barrel, while Brent futures dipped to $75.40 per barrel. Also, for the first time since November 2020, the 1-Year WTI Crude futures spread has flipped to contango.

OIL.WTI broke below major support at $71.00 and declines may deepen towards next support at $68.00. Source: xStation5

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