Oil was poised for a third weekly decline amid near-term demand concerns after a volatile few days that saw prices swing wildly around $60 a barrel, while a massive container ship remains stuck in the Suez Canal.
Futures in New York edged higher Friday but are still down more than 4% this week after U.S. coronavirus cases started to rise again and some European countries renewed lockdowns in a setback for the recovery. Volatility in the oil market has climbed to the highest since November and the prompt timespread for global Brent crude flipped briefly into a bearish structure on Tuesday.
A super dredger is the new tool being used to try and dislodge the ship in the Suez Canal, which is a key artery for crude and oil product flows. The blockage has led to rising shipping rates and a gridlock of vessels waiting to pass.
