Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Up, Investors Monitor Progress on Key Pipeline Restoration after Cyber Attack

CommoditiesMay 10, 2021 01:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was up Monday morning in Asia, as efforts continue to restore production after top U.S. fuel pipeline operator Colonial Pipeline Co. was hit by a cyber-attack during the previous week.

Brent oil futures rose 0.56% to $68.66 by 13:14 PM ET (5:14 AM GMT) and WTI futures were up 0.52% to $65.24.

Colonial Pipeline was forced to shut down its entire network after Friday’s ransomware attack, with the timeline for restarting its main pipeline is still not clear.

U.S. President Joe Biden’s administration is also working closely with the company in recovery efforts. “It’s an all-hands-on-deck effort right now... we are working closely with the company, state and local officials, to make sure that they get back up to normal operations as quickly as possible and there aren’t disruptions in supply,” said U.S. Commerce Secretary Gina Raimondo.

The pipeline supplies nearly half of all the fuel consumed on the U.S. East Coast and provides refined products to more than 50 million Americans.

Crude prices are likely to increase at several fuel distribution points, including Wilmington in North Carolina, Charleston in South Carolina and Savannah in Georgia, Tank Tiger chief executive officer Ernie Barsamian told Bloomberg.

The disruption comes as accelerating COVID-19 vaccination rates improve the fuel demand outlook ahead of the peak summer driving season.

Elsewhere, fresh outbreaks of the virus have led to the extension of restrictive measures in places such as Australia. India also continues to deal with a virulent second wave of COVID-19 cases, with 366,161 cases and 3,754 deaths on Monday.

In other commodities, iron ore futures surged as trading opened on Monday, with futures in Singapore rose more than 10% to hit a fresh record of $226 a ton. A continuous surge in demand from China and the current surge in commodity prices globally helped the steelmaking raw material continue its record run.

Oil Up, Investors Monitor Progress on Key Pipeline Restoration after Cyber Attack
 

Related Articles

Gold Suffers Worst Week in 15 Months After Fed Drama
Gold Suffers Worst Week in 15 Months After Fed Drama By Investing.com - Jun 18, 2021 7

(updates spot prices) By Barani Krishnan Investing.com - Gold bulls suffered their worst week since the 2020 Covid outbreak as prices fell almost 6% on the Federal Reserve’s...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Joel Schwartz
Joel Schwartz May 10, 2021 1:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
First Suez, now this. What will be the next con to keep oil expensive as demand dwindles?
perplexed76 .
perplexed76 . May 10, 2021 1:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
where is logic in here? low consumption - more oil in stocks. What excuse to buy did gamblers think this time.
Serguei Rus
Serguei Rus May 10, 2021 1:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Agree completely.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email