Oil prices inch higher as traders eye U.S. pipeline shutdown

NEW YORK, May 10 (Xinhua) -- Oil prices moved slightly higher on Monday as traders assessed the impact from the closure of a vital U.S. fuel pipeline.

The West Texas Intermediate for June delivery added 2 cents to settle at 64.92 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 4 cents to close at 68.32 dollars a barrel on the London ICE Futures Exchange.

The operator of a key U.S. fuel pipeline declared on Monday its goal of restoring operational service by the end of the week after all pipeline operations temporarily halted due to a cybersecurity attack.

The Colonial Pipeline Company, operator of the pipeline carrying gasoline and diesel fuel to U.S. east and southeast parts, said a phased approach is being executed to facilitate a return to service.

The company temporarily halted all pipeline operations after the cybersecurity attack involving ransomware was detected on Friday.

For the week ending Friday, the U.S. crude benchmark rose 2.1 percent, while Brent crude advanced 2.3 percent, based on front-month contracts.