Oil erased an earlier increase as markets struck a cautious note ahead of a week of interest rate decisions and a key North American crude pipeline remained shut.
West Texas Intermediate edged below US$71, extending last week's 11 per cent plunge. TC Energy Corp. is continuing recovery efforts at its shuttered Keystone pipeline —which links fields in Canada to refiners on the U.S. Gulf Coast — and a date for a restart hasn't yet been set, according to a statement on Sunday.
“This week's interest rate decision from the Fed, and other central banks including the ECB, will shed some light on how monetary policymakers see the current state of the world economy,” said Tamas Varga, an analyst at PVM Oil Associates.
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