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This Wednesday tugboats and rescue units tried to unload a gigantic container ship of 400 meters in length.
Oil prices rose nearly 6% on Wednesday on supply fears amid the blockade of the Suez Canal.
This Wednesday tugboats and rescue units tried to unload a gigantic container ship of 400 meters in length, the “Ever Given”, in the Suez Canal. The incident affected one of the busiest trade routes in the world.
“Oil moved to the rhythm of information about the duration of the blockade of the Suez Canal,” explained Edward Moya, an analyst at Oanda.
The price of crude oil was also boosted by the change in decision of German Chancellor Angela Merkel, who amid criticism renounced “drastic lockdown” over the Easter weekend, said Robert Yawger of Mizuho USA.
Likewise, oil gained ground after the publication of the weekly report on reserves in the United States, which showed a modest rise in crude stocks, according to the US Energy Information Agency (EIA).
The report indicates that stocks rose 1.9 million barrels (mb) to 502.7 mb as of March 19.
A barrel of WTI in New York for delivery in May gained 5.92% to US $ 61.18 over Tuesday’s close.
Meanwhile, a barrel of Brent from the North Sea for delivery in May gained 5.95% to US $ 64.41 in London.
