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Oil: Prices are soaring 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, which is the victim of a cyberattack, which should be restored by the end of the week

.

After the American operator of one of the country's largest oil pipeline networks announced its gradual reopening while a cyberattack forced it to close its infrastructure on Friday, Brent ended up 0.05% to 68.32 dollars and WTI picked up 0.03% to 64.92 dollars.
North Sea Brent crude oil for delivery in July ended up 4 cents or 0.05% in London compared to Friday's close. In New York, the American barrel of WTI for the month of June also remained stable, at 2 cents or 0.03%.
Colonial Pipeline, which transports 45% of fuel from refineries around the Gulf of Mexico to the U.S. East Coast, announced Monday that it was reopening its lines “in stages” with the aim of restoring most operations “by the end of the week

.”
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