• Oil rose after services were briefly suspended at the Keystone pipeline, a crucial conduit carrying Canadian crude to the US.
• West Texas Intermediate futures climbed as much as 0.8% in early trading after a modest decline on Thursday, when Brent crude closed near $83. Operator TC Energy Corp. confirmed the pipeline’s integrity in a statement, adding that service was temporarily suspended “as a precautionary measure” and that no crude was released.
• Oil has traded in a relatively narrow range this year, with cutbacks by OPEC+ and rising tensions in the Middle East and Red Sea countered by surging supply from producers outside the cartel including the US. Comments from Federal Reserve Chair Jerome Powell suggesting the central bank is getting close to the confidence it needs to start lowering interest rates were also supportive.