US Oil Infrastructure Has Recovered, How Does Black Gold React? - Kakiforex | Forex markets for the smart money. US Oil Infrastructure Has Recovered, How Does Black Gold React? US Oil Infrastructure Has Recovered, How Does Black Gold React?

May 17, 2021

US Oil Infrastructure Has Recovered, How Does Black Gold React?

 Oil prices traded steady at the opening of trading earlier in the week after the recovery of the U.S. major pipeline network eased concerns over supply.


At the beginning of the European session, Brent crude futures traded positive around $ 68.75 a barrel, while US WTI traded stable at $ 65.40 a barrel.


Both benchmarks jumped nearly 2.5% on Friday and managed to post small gains last week, marking their third consecutive weekly gain.



The gasoline shortage plaguing the U.S. East Coast eased gradually on Sunday, with another 1,000 stations receiving supplies as the Colonial Pipeline system recovered from cyber attacks.


Meanwhile, oil prices were also supported by rising demand as the U.S. and several European countries continued to show a recovery in their economic activity, supported by progress in the Covid-19 vaccination program.


However, investors remain cautious as concerns over a highly contagious coronavirus variant that was first detected in India, spread to other countries.