Oil drops as Suez Canal opens, focus turns to OPEC+ output cuts

Oil prices fell on Tuesday as the Suez Canal opened up after days closed by a grounded supercarrier and focus turned to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

Brent crude was down 15 cents, or 0.2 per cent, at $64.83 a barrel by 04 06:51 GMT. US oil was off by 12 cents, or 0.2 per cent, at $61.44 barrel.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.