• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 4 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 14 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 7 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 2 days U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Fukushima
  • 2 days Biden about to face first real test. Russia building up military on Ukraine border.
  • 19 hours So. Who's for Universal Basic Income?

Breaking News:

U.S. Cancels All Q2 Oil, Gas Lease Sales

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Drops As Suez Canal Shipping Resumes

Oil prices fell early on Tuesday as the Suez Canal reopened for ship traffic after a week-long blockage, while rising U.S. dollar put further downward pressure on crude.

As of 9:36 a.m. EDT on Tuesday, WTI Crude prices were down 1.62 percent at $60.52 and Brent Crude was trading down 1.35 percent on the day at $64.06.

Oil prices were also reacting to a potentially bearish signal about U.S. demand, after CDC Director Dr. Rochelle Walensky said on a news conference on Monday that the United States was headed to “impending doom” with the renewed rise of COVID-19 cases.

“We have so much to look forward to, so much promise and potential of where we are and so much reason for hope, but right now I’m scared,” Walensky said. 

The Suez Canal blockage which was supporting oil prices at the end of last week is now over – in a week, compared to “weeks” as some had feared it would take to refloat the skyscraper-sized containership Ever Given stuck sideways in the canal. 

With the Suez Canal crisis over, all eyes on the market are now once again turned to the OPEC+ meeting on Thursday, which is expected to decide how much oil production the group will keep off the market in May.

Russia favors a rollover of the alliance’s oil production cuts while seeking a slight increase for itself to meet higher seasonal demand, a source with knowledge of Moscow’s plans told Reuters on Monday.

“Prior to the weakness in the market, expectations were that the group would start easing cuts more aggressively from May. However, the wobble we have seen in prices means that OPEC+ will likely need to take a cautious approach once again,” ING strategists Warren Patterson and Wenyu Yao said on Tuesday.

Crude oil “is perhaps struggling for more upside on the continued strength of the US dollar and the uncertainty about how long the rise of Covid variants will restrain demand recovery,” Saxo Bank’s strategy team said in a note on Tuesday.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News