Oil falls on fading pipeline outage fears, Indian crisis
Tech-led global stocks sell-off also weighed on crude oil market
Reuters
May 11, 2021
LONDON:
Oil prices fell on Tuesday on fading fears of a prolonged outage at the largest US fuel pipeline system while India’s coronavirus crisis and a tech-led sell-off in global stock markets also weighed.
Brent crude futures dropped $0.83, or 1.21%, to $67.49 a barrel by 1232 GMT. US West Texas Intermediate (WTI) crude futures fell $0.84, 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.
Oil gains after cyberattack forces shutdown of US fuel pipelines
10 May 2021 - 12:37
File photo: Holding tanks are seen at Colonial Pipeline s Linden Junction Tank Farm in Woodbridge, New Jersey, US in an undated photograph. Colonial Pipeline/Handout via Reuters
Reuters
London: 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.
Punch Newspapers
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Published 10 May 2021
Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India.
India, Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same time the previous year, data from India’s Petroleum Planning & Analysis Cell showed.
According to the Indian High Commission in Nigeria, India’s crude oil imports from Nigeria in 2020 amounted to $10.03bn.
This represented 17 per cent of Nigeria’s total crude exports for the year according to the Nigerian National Petroleum Corporation, as quoted by OilPrice.com.
May 10, 20216:46 AM UTC
Middle EastSaudi Arabia s GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers
Reuters
2 minute read
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia, November 12, 2017. Picture taken November 12, 2017. REUTERS/Faisal Al Nasser
Saudi Arabia s economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to flash government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3% in the first quarter.
Oil gains after cyberattack forces shutdown of US fuel pipelines
Oil rose on Monday after major US 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.”