Oil prices drop as U.S. pipeline resumes operations

  14 May 2021    Read: 716
Oil prices drop as U.S. pipeline resumes operations

Oil prices fell noticeably on Thursday after a key U.S. fuel pipeline resumed its operations following a six-day shutdown due to a cybersecurity attack, AzVision.az reports citing Xinhua.

The West Texas Intermediate for June delivery dropped 2.26 U.S. dollars to settle at 63.82 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery decreased 2.27 dollars to close at 67.05 dollars a barrel on the London ICE Futures Exchange.

The Colonial Pipeline Company, operator of the pipeline carrying gasoline and diesel fuel to U.S. east and southeast parts, said it initiated the restart of pipeline Wednesday afternoon.

The company temporarily halted all pipeline operations after the cybersecurity attack involving ransomware was detected on Friday.


More about: #oilprice