Oil gains after cyberattack forces shutdown of US fuel pipelines

  • 📰 ABSCBNNews
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 83%

Philippines Headlines News

Philippines Latest News,Philippines Headlines

Oil rose on Monday after major US fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.

Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational.

Brent crude was up by 31 cents, or 0.5 percent, at $68.59 a barrel by 0820 GMT. US West Texas Intermediate crude rose by 46 cents, or 0.7 percent, at $65.36. Both benchmarks rose more than 1 percent last week, their second consecutive weekly gain. The White House was working closely with Colonial to help it to recover. Commerce Secretary Gina Raimondo said the pipeline fix was a top priority for the Biden administration and Washington was working to avoid more severe supply disruptions.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Hot oil bath’: PH develops alternative method of preserving bamboo using oil heat treatment
Source: manilabulletin - 🏆 25. / 51 Read more »

Oil gains after cyberattack forces shutdown of US fuel pipelinesOil rose on Monday after major US fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.
Source: ANCALERTS - 🏆 26. / 50 Read more »

Stocks cheer prospects for low rates as oil jumps on pipeline outageWorld stocks ticked up to new peaks on bets interest rates will remain low and the economy continue its recovery as oil prices jump high.
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Rising oil, corn prices pose upside risks to PH inflationInflation concerns remain as upside risks such as normalizing global oil prices and rising corn prices threaten recent gains in bringing down food costs, the Department of Finance (DOF) bendeveraINQ SINCE 2016 ON THE ON-SET OF RODY'S POWER, A WOLF IN A SHEEP'S SKIN, WHEN DID OUR INFLATION WENT DOW?
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Top US fuel pipeline operator shuts whole network after cyber attackNEW YORK - Top US fuel pipeline operator Colonial Pipeline has shut its entire network after a cyber attack that industry sources said was caused by ransomware software.
Source: ABSCBNNews - 🏆 5. / 83 Read more »