May 10 (Lagos) - One of the pivotal crude oil pipeline has been knocked completely offline due to a cyberattack last week. The colonial pipeline carries 45% of the crude oil to the East coast of USA.
There are fears that this will take longer than usual to fix as is is still not clear if there was physical damage to the huge pipeline during the cyber-attack.
WTI crude oil futures are up 0.51% to $65.23 per barrel.
Brent crude is up 0.54% to $68.65 per barrel at the time of writing this article.
People in USA are already paying higher for petrol since they elected the new President, and looks like they are about to pay more.
For Nigeria, any increase in crude oil price is a welcome news but with the current security challenges in the Country and a weak Government, its better to take such news with a grain of salt.
reporting for easykobo.com on Monday, May 10 2021 from Lagos, Nigeria