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Oil Falls On Hopes Suez Canal Blockage May End Soon

KARACHI: Oil fell on Monday as a container ship blocking Suez Canal for nearly a week was partially refloated, raising hopes the busy waterway would soon be reopened and as fuel demand in Europe stayed weak.

Brent oil was down $0.29, or 0.5%, at $64.28 a barrel by 0854 GMT. US crude fell $0.55, or 1%, to $60.42 a barrel.

“Now that the Suez mini crisis is being resolved, the oil market is left to its own fundamental devices again,” said PVM Oil Associates analyst Tamas Varga.

“Attention will shift back to the stuttering inoculation programmes, the seemingly unstoppable rise in infection rates in several parts of the world and the upcoming OPEC meeting on April 1,” he added. Read more…..

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