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Oil edges lower as salvage operation in Canal goes on

Published 03/29/2021, 09:57 AM
Updated 03/29/2021, 10:00 AM
© Reuters.
LCO
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CL
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TOKYO, March 29 (Reuters) - Oil was slightly lower on
Monday, relatively placid after four sessions of wild swings in
price, as efforts continued to dig out the giant container ship
clogging the Suez Canal and little new emerged in the demand
picture.
Brent oil LCOc1 was down 18 cents, or 0.3%, at $64.39 a
barrel by 0141 GMT. U.S. crude CLc1 fell 22 cents, or 0.4%, to
$60.75 a barrel.
Both benchmarks are roughly where they were before the Ever
Given became a household name after the container ship got stuck
in a narrow portion of the canal last week.
Hundreds of other container ships, bulk carriers and
oil-laden tankers are backed up at both ends of the canal as
salvage teams intensified excavation and dredging to refloat the
400-metre (440-yard) ship.
"Each day that passes increases the oil on water rather than
in the refinery for processing," said Stephen Innes, chief
markets strategist at axi. That "should help to re-tighten the
physical market and stabilize prices."
Oil prices rose more than 4% on Friday, capping a week of
wild swings as traders and investors tried to weigh the impact
of the blockage of a key trade transit point and the broader
effect of lockdowns to stop coronavirus infections.
Prices are getting some support from expectations that the
Organization of the Petroleum Exporting Countries and its allies
will maintain lower output levels when they meet this week.

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