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Oil Tumbles More Than 3% as U.S. Fuel

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DiscoverGold Member Level  Thursday, 05/13/21 12:29:02 PM
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Oil Tumbles More Than 3% as U.S. Fuel Pipeline Reopens
By: Barani Krishnan | May 13, 2021

Investing.com - Oil prices tumbled more than 3% on Thursday as a key pipeline for U.S. fuel reopened from a cyberattack-related closure, busting a run-up earlier in the week helped by a temporary squeeze in gasoline supplies.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, was down $2.11 cents, or 3.2%, to $63.97 per barrel buy 12:11 PM Et (16:11 GMT) after news that the Colonial Pipeline that supplies 45% of U.S. East Coast fuel needs had reopened.

London-traded Brent, the global benchmark for crude, fell $1.99, or 2.9%, to $67.33.

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