Oil Prices Drop after Ship in Suez Canal Refloated

Oil prices deflated after rescue crews managed to re-float the Ever Given, a massive 400 meter long freight carrier that became wedged in the Suez Canal  early last week.

The price of Brent Crude oil fell sharply by 2% following the news, stabilizing 0.6% lower than its price last week. Their crude price is currently $64.03 a barrel, with WTI Crude selling for around $60.30 a barrel in pre-market commodity trades. 

During the height of the blockade last week, Brent Crude was over $65 a barrel.

The Suez Canal Port authority has announced that the ship was successfully re-floated early on Monday, but have yet to dislodge it from where it became struck in the canal. The Port Authority also added that navigation of the vessel would be resumed once “full restoration” was achieved by work crews.

Worldwide trade almost came to a standstill as a result of the blockade, with 15% of the world’s trade moving through the Suez Canal on a daily basis.

Some speculate that the week the canal spent closed could create a further shipping issue in a world already plagued by supply chain shortages and increased shipping times.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.