Oil rises for first time in 4 days on US supply worries

Oil prices rose on Monday, to head for the first gain in 4 days, on fears over the US supply after a cyber attack forced Colonial Pipeline company to shutdown the main US pipelines.

US crude rose 1.4% to $65.72, after opening at $64.83, and hit a day low at $64.83, and Brent crude rose 0.8% to $69.18, after opening at $68.65, and hit a day low at $68.46.

US crude fell less than 0.1% on Friday, and Brent crude futures fell 0.1%, after disappointing economic data in the US.

Oil prices gained 2% last week, and posted the second consecutive weekly gain lifted by positive demand outlook during the second half of 2021.

Colonial Pipeline halted systems for its main pipelines due to a ransomware attack, which sparked concerns about supply disruptions and rising prices.

The company stated on Sunday that major fuel lines were halted after the attack shutdown the operating system on Friday, but that other small lines between terminals and delivery points are still operating.

Oil prices are also being lifted by the US dollar's drop against a basket of major currencies to a 3-month low, which makes dollar-denominated commodities and metals cheaper for other currency holders.