© Reuters. Views of the Total Grandpuits Oil Refinery
TOKYO (Reuters) – Oil was slightly lower on Monday and relatively calm after four sessions of wild price volatility as efforts continued to excavate the giant container ship that clogged the Suez Canal and little new appeared on the demand picture.
was down 18 cents, or 0.3%, to $ 64.39 a barrel at 0141 GMT. fell 22 cents, or 0.4%, to $ 60.75 a barrel.
Both benchmarks are roughly where they were before the Ever Given became a household name after the container ship got stuck in a narrow part of the canal last week.
Hundreds of other container ships, bulk carriers and oil-laden tankers are being secured at either end of the canal, while salvage teams intensified excavation and dredging to get the 400-meter vessel back on the road.
“Every day that goes by, the oil increases on the water and not in the refinery for processing,” said Stephen Innes, chief marketing strategist at axi. This “should help to tighten the physical market again and stabilize prices.”
Oil prices rose more than 4% on Friday and ended a week of wild swings as traders and investors tried to weigh the impact of blocking a major trade transit point and the wider implications of lockdowns to contain coronavirus infections.
The prices are supported by expectations that the Organization of Petroleum Exporting Countries and its allies will maintain lower levels of production if they meet this week.
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