Global oil prices declined almost 1% Thursday morning after news of the restart of part of the Keystone Pipeline System, according to trading data and analyst commentary.

Oil prices go down – current prices

The price of February futures on Brent oil fell by 0.73% to $82.1 per barrel and January futures on WTI oil fell by 0.89% to $76.59.

Crude oil prices are rising Thursday morning after TC Energy reported that part of the Keystone Pipeline System was restarted, allowing the main pipeline to partially restart supplies. Earlier in the day, crude prices had been rising for three days on fears of a possible crude shortage caused by a shutdown of pumping due to a leak at Keystone.

IG analyst Yeap Jun Rong, whose opinion is cited by Bloomberg agency, believes that the restart “may help ease supply fears and cause some volatility in the near term.” The expert also added that the long-term outlook still depends on “global economic activity, in which there is some confrontation between hawkish Fed policy and the opening of China.”

Earlier, we reported that oil fell in price after central banks raised key rates.