The delinquent ship in the Suez Canal causes high oil prices

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Reuters reported that the giant Panamanian container ship, which ran aground in the Suez Canal, caused an increase in oil prices during trading today, Wednesday, March 23, by about 3%.

The agency noted that the price of “Brent” rose by 2.9%, reaching $ 62.55 a barrel, although it had decreased on Tuesday by 5.9% to $ 60.50.

“Reuters” indicated that “West Texas Intermediate” crude rose by 2.91% to $ 59.44 a barrel, after it had fallen yesterday by 6.2% to $ 57.03.

Kazuhiko Saito, chief analyst at brokerage firm Fujitmoe Co for commodities, says that the market expects a drop in oil prices due to mounting concerns about a recovery in demand in the wake of new restrictions imposed by Europe to prevent the outbreak of the Corona virus.

It should be noted that the giant Panamanian container ship EVER GIVEN was running aground at 151 km, numbering the canal, while crossing the Suez Canal within the southern convoy on its journey coming from China to Rotterdam, due to the lack of horizontal visibility caused by bad weather and the dust storm that Egypt is exposed to. Immediately, rescue units and tugs of the Suez Canal Authority continued their efforts to save and float the ship.



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