Shut main east coast pipeline weighs on production after cyberattack
Melbourne — Oil prices fell on Tuesday as the prospect of the main US east coast fuel pipeline remaining shut for the rest of this week led some US Gulf Coast refiners to cut output, denting their appetite for crude.
Colonial Pipeline, which transports more than 2.5-million barrels a day of petrol, diesel and jet fuel, shut down its network on Friday after being hit by a cyberattack. “That will weigh on crude oil prices pretty obviously, even though parts of the pipeline are restarting and Colonial is expecting the pipeline to be back to capacity by the weekend.”
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