Oil prices fell Friday as markets focused on the glut in oil stocks after the shutdown of the Colonial Pipeline, which transports 1.2 million barrels of gasoline a day in the U.S. The November contract for the global crude benchmark Brent was down 1.27% at $46.00 a barrel while its U.S. counterpart West Texas Intermediate fell 1.18% to $43.39 a barrel. Strong gasoline sales in the U.S. reported Thursday had rippled back and provided a slight tailwind for crude prices. However, the Colonial Pipeline, which transports gasoline from Texas to New Jersey, is expected to resume operations next week. The huge stockpile of refined products across the U.S. is cushioning the shortfall meanwhile, but that drawdown is expected to be brief. Colonial said it now anticipates fully restarting the pipeline next week. Above, a Colonial Pipeline… “As the refined product issue slowly moves into the background over the next […]