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Oil: Prices soar thanks to the upcoming reopening of the US pipeline

11/05/2021
Source : ORISHAS FINANCE
Categories: Sectors

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Oil prices stabilized on Monday. This upward trend comes thanks to the installation of Colonial Pipeline victim of a cyberattack that should be restored by the end of the week.

After the U.S. operator of one of the country's largest pipeline networks announced its gradual reopening as a cyberattack forced it to shut down its infrastructure on Friday, Brent ended up 0.05% at $68.32 and WTI grabbed 0.03% to $64.92.
The barrel of North Sea Brent for july delivery ended up 4 cents or 0.05% in London from Friday's close. In New York, the US barrel of WTI for the month of June also remained stable, at 2 cents or 0.03%.
Colonial Pipeline, which transports 45 percent of fuels from refineries around the Gulf of Mexico to the U.S. East Coast, announced Monday that it is reopening its lines "in stages" with the goal of restoring most operations "by the end of the week."

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