Resumption of Suez Canal traffic after ‘ever given’ interruption eases oil prices

Resumption of Suez Canal traffic after ‘ever given’ interruption eases oil prices

Business
On March 29, 2021, a man was waving on a Panamanian-flagged MV ‘Ever Devon’ container ship when it was towed into the Suez Canal.

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.

Oil

  • West Texas Intermediate: 0.9% down the barrel. 60.40
  • Brent North Sea crude: 0.8% down فی 64.04 a barrel

Stock

London

  • FTSE 100: 0.5% down to 6,709.61 points

Frankfurt

  • DAX 30: 0.3% up at 14,793.23

Paris

  • CAC 40: 0.3% up at 6,009.28

Europe

  • STOXX 50: 0.3% higher at 3,878.33

New York

  • Dow: 0.3% down to 32,971.76

Tokyo

  • Nikkei 225: 0.7% up 29,384.52 (close)

Hong Kong

  • Hang Seng: Flat at 28,338.30 (close)

Shanghai

  • Composite: 0.5% increase to 3,435.30 (close)

Currencies

Euro dollar

  • 17 1.1794 to 00 1.1787 at 2200 GMT

Pound / dollar

  • 3 from 1.3789 to 38 at 1.3828

Euro / Pound

  • Below 85.53 pence to 85.24 pence

Dollar / yen

  • 109.64 yen to 109.67 yen

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Canal ease obstacle Prices Restoration Traffic سوز

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