Oil prices fall as Suez Canal opens, focus turns to OPEC+ output

Oil prices slid on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week which analysts expect to approve an extension to supply curbs amid disappointing demand prospects.

Brent crude was down $1.02, or 1.6%, at $63.96 a barrel by 1334 GMT. West Texas Intermediate US oil was off by $1.16, or 1.9%, at $60.40 barrel.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the Ever Given container carrier, which had blocked the passage for almost a week, creating a build-up of vessels waiting to pass.

With concerns about a shortage of physical supplies abating, the market is turning to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+.