44 days ago • Posted by Jasper Lawler

Oil price drops as pipeline outage weighs on US Gulf Coast refinery runs

Oil prices fell on Tuesday as the prospect of the main U.S. East Coast gasoline pipeline remaining shut for the rest of this week led some U.S. Gulf Coast refiners to cut output, denting their appetite for crude.

U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.6%, to $64.52 a barrel at 0247 GMT, after gaining 2 cents on Monday.

Brent crude futures dropped 45 cents, or 0.7%, to $67.87 a barrel, after climbing 4 cents on Monday.

Colonial Pipeline, which transports more than 2.5 million barrels per day (bpd) of gasoline, diesel and jet fuel, shut down its network on Friday after being hit by a cyberattack.

Oil price drops as pipeline outage weighs on US Gulf Coast refinery runs
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