Tuesday, November 29, 2022

Oil price falls amid MV Ever Given refloating on Suez Canal

Brent oil dropped 65 cents (one per cent) to $63.92 a barrel by 11:17 a.m. EDT (1517 GMT).

• March 30, 2021

On Monday, oil price slumped one per cent after MV Ever Given, a massive container ship that blocked Egypt’s Suez Canal for nearly a week, was refloated, and traffic in the waterway resumed.

The renewed COVID-19 lockdowns in Europe also contributed to the oil price slump.

Brent oil dropped 65 cents (one per cent) to $63.92 a barrel by 11:17 a.m. EDT (1517 GMT). The U.S. crude fell 57 cents, or 0.9 per cent, to $60.40 a barrel.

The Suez Canal, an artificial waterway, serves as a supply line between Asia and Europe. The week-long blockage forced shipping companies to ply the waterways spanning around South Africa’s Cape of Good Hope, causing a delay in deliveries worldwide.

At the Suez Canal, live footage on a local television station, ExtraNews, showed the ship surrounded by tug boats.

The traffic caused will delay other vessels for several weeks to reach their destinations, forcing many shipping companies to reroute.

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