Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Oil rose on Monday after major U.S. fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.
Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational.
“The Colonial Pipeline hack headlines over the weekend have lifted oil prices,” said Jeffrey Halley, analyst at brokerage OANDA. “Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses.”
Published May 10, 2021, 2:19 PM
Filipino consumers are in for another financially punishing week on their fuel expenses as the price of gasoline will rise by P0.75 per liter; while diesel and kerosene prices will increase by P0.70 per liter.
As of press time, the oil companies that already advised on their price hikes had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil and PetroGazz effective on Tuesday (May 11); while their rival-firms are anticipated to match the cost movements they have implemented.
(MARK BALMORES / MANILA BULLETIN FILE PHOTO)
This new round of surge in prices had been mainly traced to the upswing in global oil prices last week – on prospects that demand for oil commodities globally will already be on upward trajectories as more countries pace for economic recoveries.
The Dynamic Relationship Between Global Debt And Output
The global economy has reached record levels of indebtedness, to the concern of researchers and policymakers. On the one hand, debt can be beneficial by smoothing out consumption and accelerating capital accumulation, and thus contributing to economic output. On the other hand, rising debt increases debt service costs and can potentially expose countries to financial risks and lower output. In particular, a large expansion of debt can be associated with a significant economic contraction that can last for years.
Global debt as a share of gross domestic product (GDP) has been on an upward trend for decades (see figure 1). Rising debt levels are occurring across developed and developing countries in both the public and private sectors. Despite the overall global trends, patterns of debt vary by sector and a country’s level of economic development.[1] For example, in the private sector - comprising firms and households - develo
Fox News Flash top headlines are here. Check out what s clicking on Foxnews.com.
Energy Secretary Jennifer Granholm, pressed to explain why gas prices are around $0.50 higher per gallon than they were when President Biden took office, said that prices could have gone up because of the virus. Beyond whether or not you think your policies are to blame, are you worried that the prices could impact whether or not Americans travel, which is of course needed to put money back into the economy? CNN’s Jake Tapper asked Granholm Friday. People need to travel, you re right, but we need to get the virus under control first, we need to get to that 70%, we need to get to herd immunity, Granholm replied. Why have gas prices gone up? Could that be because of the virus itself as well? Everything is tied together.
Published May 8, 2021, 12:25 PM
Petroleum prices are expected to increase again by Tuesday next week, based on the calculation of the oil companies.
According to the industry players, gasoline prices are expected to rise by P0.60 to P0.70 per liter, while diesel and kerosene will potentially go up by P0.65 to P0.75 per liter.
Oil firms are implementing weekly routine adjustment on pump prices and this is often anchored on the outcome of trading in the regional oil market that is referenced on the Mean of Platts Singapore (MOPS).
MB file photo. (Mark Balmores)
International oil prices had been on fresh upswing in last week’s trading with international benchmark Brent crude climbing to $68 per barrel level; while Dubai crude, which is a pricing reference for Asian markets, topped $66 per barrel.