NEW YORK (Reuters) – Oil fell 1% on Monday, after a container ship that has blocked the Suez Canal for nearly a week was refloated and traffic in the waterway resumed.
Prices also dropped as fuel demand in Europe remained weak after countries renewed lockdowns to curb a new wave of coronavirus infections.
Brent oil dropped 65 cents, or 1%, to $63.92 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. crude fell 57 cents, or 0.9%, to $60.40 a barrel.
At the Suez Canal, live footage on a local television station showed the ship Ever Given surrounded by tug boats moving slowly in the centre of the canal on Monday. The station, ExtraNews, said the ship was moving at a speed of 1.5 knots.
