Business Markets

Oil prices slip as focus shifts from Suez Canal blockage

Oil prices fell earlier this morning as shipping traffic resumed through the Suez Canal after days on hold and attention switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table.

Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 0115 GMT, after gaining 0.6% on Monday. U.S. oil was down 1 cent at $61.55 a barrel, having fallen 1% in the previous session.

Ships are moving through the Suez Canal again today after tugs re-floated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.

Lungilwe Zingi.

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