U.S. oil futures finished higher on Monday, finding support as supply concerns resurfaced. “Recession or not, people still need to fill their gas tanks,” so trading sentiment has shifted from macro factors to supply concerns, said Manish Raj, chief financial officer at Velandera Energy Partners. The suspension of the Keystone Pipeline removes 600,000 daily barrels of oil supply in a market that “was already hanging with a razor-thin balance,” he said. U.S. benchmark WTI crude for January delivery CLF23 rose $2.15, or 3%, to settle at $73.17 a barrel on the New York Mercantile Exchange.
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