Oil prices fall as investors switch focus from Suez Canal blockage to OPEC+ meeting


Oil prices dropped on Tuesday as shipping traffic resumed in the Suez Canal after days of blockage. The market turned its focus on an upcoming OPEC+ meeting this week where producers are expected to discuss extending supply curbs amid fresh coronavirus lockdowns.

Brent crude fell 0.2%, or 15 cents, at $64.83 per barrel following a 0.6% gain in the last session. U.S. oil slid 1 cent to $61.55 per barrel after losing 1% on Monday. 

Ships moved through the Suez Canal again on Tuesday after tugs refloated the stuck Ever Given container carrier, which had been stuck for nearly a week and blocked other vessels from passage.

Investors are awaiting an OPEC+ meeting on Thursday when the organization will be assessing the need for maintaining supply curbs to support prices.

COVID-19 cases hit 127.43 million globally, with a death toll of nearly 3 million. In Europe, a surge of new infections alarmed authorities, with French Finance Minister Bruno Le Maire saying all options are considered in order to protect the public. 

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong