Oil Prices Fall, US Oil Facility Operations Still 'Stop' - Kakiforex.com - Financial Market Media No. 1 in the World Oil Prices Fall, US Oil Facility Operations Still 'Stop' Oil Prices Fall, US Oil Facility Operations Still 'Stop'

May 11, 2021

Oil Prices Fall, US Oil Facility Operations Still 'Stop'

 Crude oil trading fell on Tuesday as the main pipeline on the US East Coast was still closed causing several refineries on the US Gulf Coast to reduce spending.


In the Asian session, US trade in WTI crude fell 0.6% to $ 64.52 a barrel, while Brent crude also fell 0.7% to $ 67.87 a barrel.


The Colonial Pipeline, which carries more than 2.5 million barrels a day of petrol, diesel and jet fuel, was forced to close operations on Friday due to cyber attacks.



The attacker charged with part of a cyber gang called DarkSide reportedly took nearly 100 gigabytes of data from the Colonial chain in just two hours on Thursday, Bloomberg reported Saturday.


Most recently, Colonial said that it will restart full operations by the end of this week.


Closing the pipelines will reduce fuel availability in the nearest future, raise prices and force refineries to cut costs because they have no other means of transporting gas.


This has caused US petrol prices to jump by as much as 6 cents, and this increase may have resulted in it reaching its highest level since 2014.