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Oil prices rebound on fears Suez Canal blockage may last weeks

Brent crude was higher by 43 cents, or 0.7 percent, at $62.38 a barrel by 0028 GMT, after dropping 3.8 percent on Thursday.

March 26, 2021 / 08:56 AM IST
Source: Reuters

Source: Reuters

Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.

Prices, however, were still headed for a third consecutive weekly loss.

Brent crude was higher by 43 cents, or 0.7 percent, at $62.38 a barrel by 0028 GMT, after dropping 3.8 percent on Thursday.

US West Texas Intermediate (WTI) crude was down49 cents, or 0.8 percent, at $59.05 a barrel, having tumbled 4.3 percent a day earlier.