Oil Continues to Suffer Losses Due to Covid-19 Cases in India And The Resumption of Work of a Major US Pipeline

Oil prices fell on Friday, May 14, after losing about 3% in the previous session, as cases of Coronavirus cases remained high in India, a major consumer of crude, and with the resumption of work of a major pipeline in the United States after being closed due to a cyberattack.

Brent crude futures were down ten cents, equivalent to 0.2%, to $ 66.95 a barrel by 5:18 GMT, while US West Texas Intermediate crude fell 3 cents, or 0.1%, to $63.79 a barrel.

The prices of both crude oil are heading to record their first weekly loss in three weeks.

And in the United States, President Joe Biden has reassured motorists that fuel supplies will start to return to normal by the end of this week, even as more fuel stations in the southeast of the country run out of fuel nearly a week after a cyberattack on the nation’s main fuel pipeline.

Colonial Pipeline said later Thursday that it had fully restarted its pipeline system and had begun deliveries in all of its markets.