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Oil market shrugs off Colonial Pipeline outage

Oil prices posted sluggish and uncertain gains on Monday, May 10. Brent managed only a slight uptick of 0.06% to $68.07/bbl, while WTI also eked out a fractional increase of 0.08% up to $64.82/bbl.

US Colonial Pipeline halted operations due to a ransomware cyberattack at the end of last week. Several large Gulf Coast refineries have reduced their output of petroleum products due to the shutdown, although the outage did not exert much of an impact on the oil futures market.

Oil prices are trending lower this morning on news that the pipeline will resume operations in a few days. The declines are stronger than yesterday’s gains, with Brent down 1%, sliding below $68/bbl, and WTI off 1.02%, holding above $64/bbl. Our Brent price forecast for today is in the range of $67.0-68.2/bbl.

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