Crude oil prices fell as the Colonial Pipeline – the largest gasoline delivery conduit in the US – restarted operations after a hacking incident. Its operators reportedly paid close to US$5 million in ransom. The Biden administration also waived Jones Act restrictions on fuel deliveries by foreign tankers. The White House move to ease supply shortages and Colonial’s return seemed to ease fears about a lasting shortage of fuel supply, driving prices lower. Broader weakness across the raw materials space added to selling pressure. Averages tracking industrial metals and agricultural commodities prices fell. Looking ... (full story)