The stranded container ship Ever Given is almost ready to set sail, with the last inspections pending, a Reuters source said on Monday. Hundreds of other container vessels, bulk carriers and oil tankers remain stranded at both ends of the canal.
However, the good news for Ever Given immediately sent oil prices down sharply after the jump in recent days. They were shaken by concerns from businesses and investors who tried to assess the impact of blocking the vital sea trade route. Although more indirect, the new blockades against the COVID pandemic have also contributed to their momentum.
“This market volatility will continue,” Jeffrey Halley, a senior market analyst at OANDA, told Reuters. according to him
given last week’s volatility, Brent looks set to move to the lower end of the $ 60.00 to $ 65.00 a barrel range, while US oil is likely to fall to its $ 57.50 to $ 62.50 a barrel this week.
Losses are limited due to expectations that the Organization of the Petroleum Exporting Countries and its allies, OPEC +, will decide to maintain lower production levels. A meeting of the members is forthcoming this week.
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