Oil prices recover some ground on fears Suez blockage may last weeks
TOKYO (Reuters) – Oil prices reversed a sharp sell-off a day earlier to rise 1% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.
Brent crude was higher by 54 cents, or 0.9%, at $62.49 a barrel by 0432 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was up
65 cents, or 1.1%, at $59.21 a barrel, having tumbled 4.3% a day earlier.
