Global crude oil prices have fallen by 1% since yesterday after the Suez Canal in Simailia, Meisr reopened to shipping routes. The decline in global oil prices also coincided with the strengthening of the US Dollar.
Investors began to shift their focus to a meeting to be held by OPEC (Organization of the Petroleum Exporting Countries) this Thursday where market analysts expect an important decision to control daily production volumes to be made to balance current demand and supply.
Brent oil price fell 84 cents to $ 64.14 a barrel while West Texas Intermediate (WTI) crude oil price fell $ 1.01 to $ 60.55 a barrel. Oil storage data by the United States showed an inventory surplus of 3.9 million barrels last week based on a weekly report by the American Petroleum Institute.
Turning to the situation in the Suez Canal, the Ever Given ship belonging to the Evergreen company that was stuck in the narrow passage of the canal was successfully floated back after being stranded and blocking the important global trade route for almost a week.