Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses, one analyst says
London — Oil rose on Monday after major US fuel pipeline operator Colonial Pipeline had to shut fuel pipelines due to a cyberattack, raising concerns about supply disruption and pump price increases.
“The Colonial Pipeline hack headlines over the weekend have lifted oil prices,” said Jeffrey Halley, analyst at brokerage Oanda. “Colonial aside, oil may be vulnerable to some abrupt long-covering sell-offs as the week progresses.” “The major takeaway is the bad guys are very adept at finding new ways to penetrate infrastructure,” Andrew Lipow, president of Lipow Oil Associates, said. “Infrastructure has not developed defences that can offset all the different ways that malware can infect one's system.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices down as worries about pipeline outage fadeThe Colonial Pipeline hopes to substantially restore operations by the end of the week after a cyberattack closed it down
Read more »
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines'If the pipelines were to remain out of action for any length of time, this would have far-reaching effects on the oil market not only in the U.S., but also in Europe,' said Commerzbank analyst Carsten Fritsch.
Read more »
Oil prices slide as US refiners cut outputShut main east coast pipeline weighs on production after cyberattack
Read more »
Top US pipeline operator shuts major fuel line after cyber attackTop US fuel pipeline operator Colonial Pipeline has shut its entire network after a cyber attack, the company said in a statement on Friday.
Read more »
Top US fuel pipeline operator pushes to recover from cyberattackColonial Pipeline, top US fuel pipeline operator, continued work on Sunday to recover from a ransomware cyberattack that forced it to shut down on Friday and sparked worries of a spike in retail gasoline prices.
Read more »