While the closure of a major Canada-US oil pipeline disrupted supply, oil prices rebounded on Friday. However, prices remained close to the lows of December 2021 due to concerns about slowing global demand growth.

After falling 1.3% on Thursday, Brent crude oil futures were at $76.74 per barrel, up 59 cents, or 0.8%, at 0115 GMT. After falling 0.8% in the previous session, American West Texas Intermediate crude rose by 68 cents, or 1%, to $72.14 per barrel.

The Canadian company TC Energy picked up briefly on Thursday following news of an accident causing the Keystone pipeline to shut down in the United States. The market believes that the shutdown would be brief. In a creek in Kansas, more than 14,000 barrels of crude oil spilled, one of the largest crude oil spills in the United States in nearly a decade.

According to Edward Moya, an analyst at OANDA, in a note, “the news seems to be only negative for supplies in the short term but does nothing to change the deteriorating outlook for crude demand.”