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March 27, 2021
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Oil prices rebounded 4.12% worries about the prolonged construction of ships blocking the Suez Canal behind the Evergiven container ship, a Panamanian container ship that transports goods between Asia and Europe. It has been stranded in the Suez Canal since last Tuesday (March 23).
West Texas crude oil futures market closed Friday (March 26) rallied 4.12 percent on expectations that stagnant shipments in Egypt’s Suez Canal will continue for several weeks. After the Ever Given, one of the largest container ships in the world, it was stranded.
West Texas Crude Contract Delivered in May. It rose 4.12 percent to close at $ 60.97 a barrel. Brent crude rose 4.23 percent to close at $ 64.57 a barrel.
The River Given is a Panamanian container ship that transports goods between Asia and Europe. It has been stranded in the Suez Canal since Tuesday (March 23) and has disrupted global shipping until now.
The Given River is almost 400 meters long and 59 meters wide and is one of the largest freighters in the world. Which can hold 20,000 containers on each trip.
Yasushi Osada, an analyst at Nissan Securities, predicted that congestion in the Suez Canal could last for several weeks. And it is expected to be a factor that raises concerns about the shortage of supply in the oil market.
However, some investors believe that oil prices will recover in a limited range. There is concern that European and Asian countries will resume new rounds of lockdown measures to slow the spread of COVID-19. Will affect oil demand
