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Oil Closes Higher amid Downstream Disruptions

M. Ali 12 May, 2021 1:56 am Commodities, Market Update

Oil prices rose on Tuesday, amid disruptions due to the cyber attack on the Colonial Pipeline in the United States, which plays a huge role in the distribution of gasoline across the U.S.

Crude prices fluctuated during the second session of the week, before settling with limited gains.

Brent crude futures for July delivery rose by 23 cents, or 0.3%, to close at $68.55 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery added 36 cents, or 0.6%, to finish at $65.28 per barrel.

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