Oil dips as pipeline outage fears ease, India weighs

india oil dips pipeline futures
Gulf
  • Date: 12-May-2021
  • Source: Zawya
  • Sector: Oil & Gas
  • Country: Gulf
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Oil dips as pipeline outage fears ease, India weighs

LONDON- Oil prices fell on Tuesday on fading fears of a prolonged outage at the largest U.S. fuel pipeline system while India's coronavirus crisis and a tech-led sell-off in global stock markets also weighed. Brent crude futures dropped 83 cents, or 1.21%, to $67.49 a barrel by 1232 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.29%, to $64.08. Global stock markets suffered a second day of sharp losses on Tuesday as a combination of inflation worries, lofty valuations and an anti-monopoly drive in China sent the world's mightiest tech giants tumbling. Colonial Pipeline, which transports more than 2.5 million barrels per day (bpd) of gasoline, diesel and jet fuel, on Monday said that it was working to restore much of its operations by the end of the week. Traders booked at least four tankers to store refined oil products off the U.S. Gulf Coast refining hub after a cyber attack that knocked out the pipeline, shipping data showed on Tuesday. The U.S. gasoline futures contract and U.S. heating oil futures, which rose after the outage, retreated to pre-Friday levels on the prospect of the restart. "I believe the pressure we are currently seeing will be

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