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

30.03.2021 - Korneychuk Evgeniya
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. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?