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Oil prices are rising by more than 4%
27/3/2
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Oil prices are rising by more than 4%
Oil prices extended their gains by more than 4% during daily trading, with increasing concern about crude supplies due to disruption of navigation in the Suez Canal.
But despite the rise, prices are still heading to record weekly losses of more than 3%, with concerns about global demand for crude amid the acceleration of injuries due to the spread of the Corona virus.
And the futures contract for Brent crude for May delivery rose 4.05%, or $ 2.51, during trading to $ 64.46 a barrel. The price of the US NYMEX crude contract for May delivery rose by 4.3%, or $ 2.51, recording $ 61.07 per barrel.
With the suspension of navigation in the Suez Canal due to the stranding of the giant ship "Evergiven", giant tankers began to return to what is known as "the path of the old world."
The ancient route is the Cape of Good Hope, meaning that the ships turned around the whole continent of Africa in order to reach their destinations, and this simply means: more costs.
The navigation traffic in the Suez Canal had stopped, on Tuesday, following the run-off of the 400-meter-long "Evergiven".
The American economic agency "Bloomberg" asked a question: How much will the closure of the Suez Canal cost the world financially? And the agency said in a quick answer that the cost is great.
She added: It is difficult to come up with a specific number that covers all costs, it depends on how long the delinquent ship will remain in the waterway.
She pointed out the repercussions that have already occurred so far, as it blocked the road to oil and non-oil commodities estimated at $ 10 billion a day, which were passing through the Suez Canal daily.
The cost of shipping the 4.7-meter container, coming from China to Europe, increased to about 8 thousand dollars, which is 4 times the number last year, which simply means an increase in the prices of the goods in these containers.
The cost of the "Suez Max" gigantic ships that transport oil has risen to more than $ 17,000 per day, the largest number since June 2020.
The American "Caterpillar" company, the giant of the heavy equipment industry in the United States, is facing shipping delays due to the closure of the Suez Canal, and is thinking carefully about air freight if necessary.
With the possibility that the closure of the waterway could last for weeks, many shipping companies are considering rerouting ships to the "Good Men's Head", which will add 9,650 kilometers to the trip, and fuel costs of up to an additional $ 300,000, for each trip coming from the Middle East. To Europe.
The individual who buys goods on the streets of Europe, for example, will bear all these expenses.
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