Oil prices bounced back after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. West Texas Intermediate (WTI) was climbed $1.35, or 2.12%, at $65.13 a barrel. Both prices are heading for their first weekly loss in three weeks.  Brent crude oil futures rose $1.42 or 2.12%, at $68.40 a barrel. "The commodity supercycle rally just hit a hard [Read more]

The U.S. capital was running out of gasoline on Friday even as the top U.S. fuel pipeline ramped up deliveries following a cyberattack and Washington officials assured motorists that supplies would return to normal soon. The six-day Colonial Pipeline shutdown was the most disruptive cyberattack on record, which underscored the vulnerability of vital U.S. infrastructure to cybercriminals. Widespread panic buying continued two days after the nation's largest fuel pipeline network restarted, [Read more]

Shortages of gasoline at retail stations in the U.S. Southeast became more widespread after days of panic buying triggered by a major pipeline shutdown that is now in the early stages of an attempted restart. Drivers from Virginia to Florida struggled to find service stations that still had fuel to sell, and those that succeeded waited in long lines to pay prices that had climbed to their highest in years. Nicole Guy, a leasing agent in Atlanta, spent much of Thursday morning driving from [Read more]

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. West Texas Intermediate (WTI) dropped $1.20, or 1.83%, to $64.49 a barrel, having risen 1.2% in the previous session.  Brent crude was down $1.28, or 1.85%, at $67.74 a barrel, after gaining more than 1% on Wednesday. "The path for crude prices [Read more]

After a six-day outage, the top U.S. fuel pipeline on Thursday moved some of the first millions of gallons of motor fuels to East Coast states after throwing off a crippling cyberattack. The Colonial Pipeline Co, which can carry 100 million gallons per day of gasoline, diesel and jet fuel, resumed computer-controlled pumping after adding safety measures. It will take several days for deliveries to fully recover and interruptions are possible, the company said. The shutdown caused gasoline [Read more]

Oil prices moved up on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.17%, to $66.24 a barrel, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 87 cents, or 1.27% to $69.51 a barrel, adding to a 23 cent gain on Tuesday. Data from the American Petroleum Institute industry group showed U.S. [Read more]