Oil Down, Refiners Cut Output as Colonial Pipeline Extends Network Closure
Oil became down Tuesday morning in Asia, with the prolonged closure of Colonial Pipeline’s key U.S. East Coast fuel pipeline curtailing urge for food for the black liquid.
Brent oil futures fell 0.92% to $67.69.
WTI futures have been down 0.89% to $64.34.
Motiva Enterprises LLC close of 3 crude devices at its 607,000 bpd Port Arthur refinery, the U.S.’ largest. Total SE on its element reduce its fuel output on Monday at its personal 225,500 bpd Port Arthur refinery.
The benchmark U.S. fuel futures agreement, which spiked after the shutdown, retreated to pre-outage ranges over hopes that Colonial Pipeline can restart its community on target. The agreement became down 0.6% at $2.1212 a gallon on Tuesday.
Investors now look ahead to U.S. crude oil deliver statistics from the American Petroleum Institute, due later the day.