Oil settled higher amid supply jitters

International benchmarks for crude oil settled higher on Monday, 12 December 2022 amid the closure of a key pipeline in the US while Russia threatened to cut production in response to the price cap by the EU. Meanwhile, China accelerates the easing of COVID-19 lockdowns that boost the demand outlook.

Brent jumped $1.89 or 2.5% to close at $77.99/barrel.

WTI rose $2.15 or 3% to close at $73.17/barrel.