The drop in oil prices with the announcement of the resumption of navigation traffic in the Suez Canal

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The drop in oil prices with the announcement of the resumption of navigation traffic in the Suez Canal

Reuters

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Oil prices fell today, Monday, after the Egyptian Suez Canal Authority announced that navigation will resume, after the floatation of the huge container ship, which blocked the canal for nearly a week.

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Suez Canal Authority: Resumption of navigation in the canal after resuming the stranded ship

By 16:45 Moscow time, US West Texas Intermediate crude futures were down 1.36% to $ 60.14 a barrel.

Brent crude futures fell 1.36% also to $ 63.84 a barrel, according to Bloomberg.

Before that, the Egyptian Suez Canal Authority announced the floatation of the huge container ship, which blocked the canal for nearly a week, today, and said that navigation traffic in the waterway will resume.

Oil prices have fluctuated significantly in the past few days, as traders and investors tried to balance the impact of closing a major transit point for trade and the broader impact of lockdown measures aimed at containing infections with the Coronavirus.

Source: Agencies



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