The decline in oil prices after the resumption of navigation in the Suez Canal


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Oil prices declined today, Tuesday, after the resumption of shipping movement through the Suez Canal after days of waiting and attention turned to the OPEC + meeting, which may see the extension of restrictions on supplies amid new closures to contain the spread of the Corona virus.

By 01:15 GMT, Brent crude was down 15 cents, or 0.2%, to reach $ 64.83 a barrel, after making 0.6% gains yesterday, and US crude fell one cent to record $ 61.55 a barrel.

Navigation resumed in the Suez Canal on Monday evening after the floatation of the huge container ship Evergiven, which blocked the waterway for nearly a week, while more than 400 ships were waiting to cross the shipping lane.

Market attention turns to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, in Vienna.

A source familiar with the matter said on Monday that Saudi Arabia is ready to support the extension of oil cuts implemented by OPEC and its allies to include May and June, and that it is also ready to extend its voluntary cuts to boost prices.

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