2021.05.1109:57:00UTC+00Oil Prices Fall As Inflation Worries Rise

Oil prices fell on Tuesday as worries around inflation spooked investors around the global markets.

Brent crude futures for July settlement dipped 0.6 percent to $67.92 per barrel, while WTI crude futures for June delivery were own 0.6 percent at $64.52.

Soaring commodity prices have sent the cost of raw materials from copper to iron ore and lumber to record highs, posting downside risks to growth.

Traders were also reacting to reports suggesting that Colonial Pipeline is targeting re-opening its key U.S. pipeline by the end of the week.

The operator of the US' Colonial Pipeline, which is the largest refined-products pipeline in the country, said that one of its lines has been partially restored and that a phased approach has been executed to facilitate a return to service by the end of the week.

During the White House press briefing on Monday, Homeland Security adviser Elizabeth Sherwood-Randall said the cyber breach did not affect fuel supplies.

The U.S. government declared a regional emergency Sunday after Colonial Pipeline said it was the victim of a cybersecurity attack involving ransomware -- attacks that encrypt computer systems.