Oil prices rebounded from annual lows supported by expectations of continued disruptions in key Canada-US pipelines and the easing of Covid-19 restrictions in China.
In the Asian session, Brent crude oil futures traded firmer at $78 a barrel, while US WTI traded stronger at $74 a barrel.
Both benchmarks fell to their lowest levels since December 2021 last week, weighed down by investor concerns over a global recession.
However, news of a potential prolonged disruption of the Canada-US Keystone crude oil pipeline helped to recover prices.
Repairs to a major pipeline transporting Canadian crude are reportedly taking longer than expected, which has seen more than 14,000 barrels of oil spill in Kansas.
On the demand side, Bank of America analysts expect the reopening of the economy in China combined with the Federal Reserve's dovish interest rate hikes, could boost fuel demand and push Brent oil prices above $90 a barrel.
