Oil rises to $64 as ship blocks Suez Canal : Business News

Oil rises to $64 as ship blocks Suez Canal : Business News

The international oil benchmark, Brent crude, reversed its recent losses on Wednesday . This was after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude. shipments gave prices a boost after a slide over the last week.

Brent, against which Nigeria’s oil is priced, gained $3.38 to $64.17 per barrel as of 7:35pm Nigerian time on Wednesday, while the US West Texas Intermediate climbed $3.21 to $60.97 per barrel.

Oil rises to $64

Reuters reported that the gains appeared to stabilise the market that had slumped after early this month, when oil prices hit their highest levels this year earlier on expectations for demand recovery that have since been dashed as European nations re-entered lockdowns to halt another wave of the pandemic.

SOURCE: PUNCHNG

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