Oil prices rise, with continuing fears of a shortage of fuel

0
10


Oil prices rise as fears of fuel shortages persist

date of publication:
May 11, 2021 22:12 GMT

Update date: May 12, 2021 0:35 GMT

Oil prices closed higher on Tuesday as fears of a gasoline shortage persisted due to the closure of the largest fuel pipeline in the United States after a cyberattack.

Source: Reuters

Oil prices closed higher on Tuesday, while fears of a gasoline shortage continued due to the closure of the largest fuel pipeline in the United States after a cyberattack, and crude futures recovered from a drop in early transactions of more than 1%.

Brent crude futures, the world benchmark, ended the trading session up 23 cents, or 0.3%, to settle at $ 68.55 a barrel.

US West Texas Intermediate crude futures rose 36 cents, or 0.6%, to end the session at $ 65.28 a barrel.

And gasoline futures closed in the New York market, up 0.3% at $ 2.1399 a gallon.

Colonial Pipeline, which is transporting more than 2.5 million barrels per day of gasoline, diesel and jet fuel, shut down its network on Friday, after it was hit by a cyberattack, and said on Monday it was working to restore most of its operations by the end of the week.

The disruption of fuel supplies pushed gasoline prices at gas stations in the United States to their highest levels in several years, and demand jumped in some areas served by the pipeline, while motorists scrambled to fill fuel tanks in their vehicles.

Two market sources, citing data from the American Petroleum Institute, said that crude oil inventories in the United States fell by 2.5 million barrels last week, while gasoline inventories rose 5.6 million barrels.

Today, Tuesday, the “OPEC” organization increased its expectations for the demand for its raw materials by 200 thousand barrels per day and adhered to its estimates of a strong recovery in global demand for oil this year.

On the other hand, the rapid spread of Coronavirus infections in India has increased calls for the closure of the second largest country in the world by population, and the third largest importer and consumer of oil.





LEAVE A REPLY

Please enter your comment!
Please enter your name here