Oil fell on Monday as a container ship that has blocked the Suez Canal for nearly a week was refloated and traffic in the waterway resumed, while fuel demand in Europe remained weak amid renewed lockdowns to curb a new wave of coronavirus infections.

Brent oil fell 63 cents, or 1%, to $63.94 a barrel by 1337 GMT. U.S. crude was down 63 cents, or 1%, at $60.34 a barrel.

At the Suez Canal, a Reuters witness saw the giant container ship Ever Given moving after being refloated by rescue workers and salvage teams, and a shipping tracker and Egyptian TV showed it positioned in the centre of the waterway.

However, disruptions in the global shipping industry could take weeks and possibly months to clear, top container shipping lines said.

“Now that the Suez mini crisis is being resolved the oil market is left to its own fundamental devices again,” said PVM Oil Associates analyst Tamas Varga.

“Attention will shift back to the stuttering inoculation programmes (against COVID-19), the seemingly unstoppable rise in infection rates in several parts of the world, and the upcoming OPEC meeting on April 1,” he added.

Click on the link below for full report

Source: SweetCrudeReports