Oil jumps 4% on fears Suez Canal blockage may last weeks | Reuters
Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal.
It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand.
Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier.
Brent rose 0.1% over the last week, while WTI dropped 0.7%, its third weekly loss.
Oil trade was volatile this week, as traders weighed the potential impact of the Suez Canal blockage which happened on Tuesday against the effect of new coronavirus lockdowns.
Friday, 26 March 2021
Oil prices rise over 3% on fears Suez blockage may last weeks | Reuters
Oil prices rise over 3% on fears Suez blockage may last weeks | Reuters
Oil prices rose more than 3% on Friday, rebounding on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Brent crude was up $2.12, or 3.4%, to $64.07 a barrel at 1338 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up $2.16, or 3.7%, at $60.72a barrel, having tumbled 4.3% a day earlier.
Both benchmarks were on track for weekly losses, following a more than 6% decline last week.
Oil prices rose more than 3% on Friday, rebounding on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Brent crude was up $2.12, or 3.4%, to $64.07 a barrel at 1338 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up $2.16, or 3.7%, at $60.72a barrel, having tumbled 4.3% a day earlier.
Both benchmarks were on track for weekly losses, following a more than 6% decline last week.
RPT-COLUMN-India and #SaudiArabia spar over oil prices: John Kemp | Reuters
RPT-COLUMN-India and Saudi Arabia spar over oil prices: John Kemp | Reuters
Tensions this month between India and Saudi Arabia over rising oil prices have underscored the growing importance of the bilateral relationship and its potential to generate conflict as well as cooperation.
The decision by OPEC+, the Organization of the Petroleum Exporting Countries and its allies, at the start of this month to leave output unchanged despite a near doubling of oil prices since the start of November sparked an angry exchange of words.
“The decision by OPEC+ has saddened us. It is not good news for India, China, Japan, Korea and other consuming nations,” India’s minister for petroleum told Reuters earlier in March.
“We have asked companies to aggressively look for diversification. We cannot be held hostage to the arbitrary decision of Middle East producers,” an Indian government source said. (“India asks refiners to diversify, cut reliance on Middle East oil after OPEC+ decision”, Reuters, March 9)
In response, Saudi Arabia’s energy minister said India should first use the stocks of crude it bought cheaply during the price slump in 2020.
Tensions this month between India and Saudi Arabia over rising oil prices have underscored the growing importance of the bilateral relationship and its potential to generate conflict as well as cooperation.
The decision by OPEC+, the Organization of the Petroleum Exporting Countries and its allies, at the start of this month to leave output unchanged despite a near doubling of oil prices since the start of November sparked an angry exchange of words.
“The decision by OPEC+ has saddened us. It is not good news for India, China, Japan, Korea and other consuming nations,” India’s minister for petroleum told Reuters earlier in March.
“We have asked companies to aggressively look for diversification. We cannot be held hostage to the arbitrary decision of Middle East producers,” an Indian government source said. (“India asks refiners to diversify, cut reliance on Middle East oil after OPEC+ decision”, Reuters, March 9)
In response, Saudi Arabia’s energy minister said India should first use the stocks of crude it bought cheaply during the price slump in 2020.
Oil prices rise 2% on fears Suez blockage may last weeks | Reuters
Oil prices rise 2% on fears Suez blockage may last weeks | Reuters
Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Brent crude was higher by $1.09, or 1.8%, at $63.04 a barrel by 0750 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up $1.22, or 2.1%, at $59.78 a barrel, having tumbled 4.3% a day earlier.
Both benchmarks were on track for a small weekly loss, following a more than 6% decline last week.
Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Brent crude was higher by $1.09, or 1.8%, at $63.04 a barrel by 0750 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up $1.22, or 2.1%, at $59.78 a barrel, having tumbled 4.3% a day earlier.
Both benchmarks were on track for a small weekly loss, following a more than 6% decline last week.
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