WTI Crude Oil Tosses Near $64 – Upward Trendline Supports!
Arslan Butt • 2 min read
WTI Crude oil closed at $64.92 after placing a high of $65.75 and a low of $63.95. It continued its bearish streak for the fourth consecutive session on Monday and extended its losses. WTI Oil prices fell on Monday and gave up all earlier gains amid a cyberattack that forced the shutdown of significant fuel pipelines in the United States. Colonial Pipeline in the U.S. said that its main fuel lines remained offline after the attack that shut the system; however, some smaller lines between terminals and delivery points started operations.
The Commerce Secretary Gin Raimond said that the White House was working closely with Colonial to help it to recover as fixing the pipeline was a top priority for the Biden administration. This bad news and the rising infection rate in India kept crude oil under heavy pressure. The pandemic situation in India worsened as death rates and infection rates held close to the record daily highs on Monday. Another reason behind the latest slump in oil prices was the recent declaration by the World Health Organization. On Monday, the global body said it had changed its classification of the B.1.617 coronavirus variant first found in India last October from a variant of interest to a variant of concern.