Oil extends loss on India COVID-19 cases, U.S. pipeline restart

Hellenic Shipping News | May 14, 2021 at 2:00 AM
  • Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.
  • Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel.
  • Raising rates typically boosts the U.S. dollar.