Crude oil prices in focus after Colonial Pipeline cyberattack
Investors and traders will be paying close attention to crude oil prices on Monday after a cyberattack shut down the largest pipeline system in the U.S. on Friday.
Crude oil prices are currently trading around $65 a barrel, according to oilprice.com.
Colonial Pipeline Co. operates the 5,500 mile Colonial Pipeline system taking fuel from the refineries of the Gulf Coast to the New York metro area.
The pipeline transports more than 100 million gallons a day, or roughly 45% of fuel consumed on the East Coast, according to the company s website. It delivers fuels including gasoline, diesel, jet fuel and heating oil and serves U.S. military facilities.
The largest gasoline and diesel pipeline in the U.S. abruptly shut down Friday after a cyberattack, and the shutdown could affect gas prices if it drags on, according to one expert.
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NEW YORK, April 29, 2021 /PRNewswire/ STV has named Joseph Savalli, P.E., to the position of vice president. He is a deputy operations manager in the firm s Eastern Region.
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