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.