Oil futures declined Thursday, with U.S. prices settling at their lowest level so far this month, following news that Colonial Pipeline has restarted operations following a ransomware-related operational shutdown late last week. The restart took “the sting out of concern about supply shortages,” said Michael Hewson, chief market analyst at CMC Markets UK. June West Texas Intermediate crude fell $2.26, or 3.4%, to settle at $63.82 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since April 30, FactSet data show.
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