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Oil prices stabilize with the resumption of freight traffic in Suez and the OPEC meeting
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Oil prices stabilized, Tuesday, with the resumption of shipping movement through the Suez Canal after days of waiting and attention turned to the OPEC + meeting this week, where the extension of supply restrictions may be on the table amid new closures of the Corona virus.
Brent crude fell 1 cent, or 0.02 percent, to $ 64.91 a barrel by 05:20 GMT, after rising 0.6 percent on Monday. The price of US oil rose 3 cents to $ 61.58 a barrel, after falling 1% in the previous session.
Ships were moving through the Suez Canal again on Tuesday after tugs re-floated the giant container carrier Evergiven, which had been blocking a narrow section of the pass for about a week, causing a massive accumulation of ships around the waterway.
With turbulence likely to be minimal, the market shifts its focus to Thursday's meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia in Vienna, known as OPEC +
They will discuss whether to keep production curbs that have kept millions of barrels a day off the market to support prices, a strategy that has largely succeeded in recent months.
A source familiar with the matter said on Monday, that Saudi Arabia is ready to accept an extension of production cuts until June, and is also ready to prolong the voluntary unilateral restrictions amid the recent wave of closures of the Corona virus.
In Europe, the increasing numbers in the third wave of infections raise the concerns of the authorities, which puts pressure on oil, as French Finance Minister Bruno Le Maire said that "all options are on the table" to protect the public.
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