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Latest Economic News : Crude Oil Trades Near 3-Year Peak

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Crude Oil Trades Near 3-Year Peak
Crude oil futures gained on Monday, following its second consecutive weekly gains last week after reports of a ransomware attack on the US’ largest fuel pipeline forced a temporarily shut down of all operations, raising concerns that the outage could lead to spot shortages of gas, diesel and jet fuel. US Commerce Secretary Gina Raimondo noted that the Federal government is working to avoid supply disruptions. The attack comes just as the nation’s energy industry is preparing to meet stronger fuel demand from summer travel and could stoke further fears about inflation as commodity prices from oil to corn rally in a post-pandemic rebound. . On the supply side, OPEC+ started this month a gradual easing of oil production curbs after introducing deep cuts since a pandemic-induced oil price collapse in 2020. Elsewhere, Tehran might see sanctions lifted if negotiations to revive the 2015 nuclear deal between Iran and the US are successful.

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