LONDON (Reuters) – A massive container ship, the Ever Devon, was re-used on Monday as traffic on Egypt’s Suez Canal resumed, after a week of disruption to world trade, and world oil prices fell.
The Suez Canal Authority said Everland had returned quickly and traffic had resumed on one of the main routes for world trade and raw material shipments, which had been closed for about a week.
Crude prices had already fallen since the ship was partially released, but evacuation experts said the hardest part lay ahead.
But just a few hours later, they managed to free the ship completely and oil prices fell back.
Traders also attended a meeting of the Organization of the Petroleum Exporting Countries (OPEC) producers on Thursday.
‘The effects of the waves’
Despite the resumption of traffic, analysts say it will take time for container traffic to return to normal.
“The market will soon realize that … even if the canal is ever released within a day, one should expect the effects of some tidal waves.”
“Along with oil loading, some demand for oil may also be affected as manufacturers may need to stop or stop production as they wait for goods to arrive late at plants.”
The Suez Canal Authority said the waterway would be open 24 hours a day and hundreds of ships could be backed up in about three and a half days.
Elsewhere, Asian and European stock markets rallied on Monday as traders rallied around the Corona virus, breaking another record on the weekend before Wall Street.
London traded flats, while both Paris and Frankfurt grew 0.3% despite the continents’ rapid vaccination campaigns and growing infections.
After closing Friday on a strong note, New York’s three main indices fell on Monday, with the Dow and S&P 500 hitting all-time highs.
Reading below a forecast for US prices on Friday has eased fears that inflationary pressures could force central banks to end their extremely loose monetary policies and raise interest rates. Is.
Next week will provide traders with plenty of tools to pick their teeth for, including the release of key US jobs data for March and data on manufacturing activity around the world.
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