Oil prices continue their gains and jump by 6% with the suspension of movement in the Suez Canal

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Oil prices continue their gains and jump by 6% with the suspension of movement in the Suez Canal

Reuters

DR

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Oil prices extended their gains today, Wednesday, as Brent crude futures rose $ 3.69 a barrel, despite an unexpected increase in US inventories.

The price of Nymex crude futures for May delivery rose 6 percent to $ 61.25 a barrel.

The price of futures contracts for Brent crude for May delivery rose 6 percent to $ 64.48 a barrel.

Oil prices were supported by the suspension of navigation in the Suez Canal, which led to the disruption of crude supplies.

Crude prices fell by about 6 percent in yesterday’s session, with fears of slowing demand due to the extension of the closure measures in Europe, amid fears of a third wave of the epidemic.

Earlier in the day, the US Energy Information Administration said that US stocks of crude oil, gasoline and distillates rose last week.

Source: “Reuters” + RT



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