Oil Falling Due to Receding Fears of Pipeline Disruptions

Oil prices declined today as fears of a long-term disruption to the Colonial Pipeline system of energy pipelines, the largest in the United States, diminished, while some US Gulf Coast refiners reduced production.

US West Texas Intermediate crude futures fell 61 cents, equivalent to 0.94%, to $64.31 a barrel, after increasing them two years on Monday.

Brent crude futures fell 56 cents, or 0.82%, to $67.76 a barrel, after rising four cents yesterday.

Colonial Pipeline, which is transporting more than 2.5 million barrels per day of petrol, diesel and jet fuel, shut down its network on Friday after it was damaged by a cyberattack.

Today, OPEC is expected to release its monthly report on the oil market, which will include production figures for April.