The attempts of tugging the stranded Ever Given vessel in Suez Canal- press photoCAIRO – 29 March 2021: Oil prices fell during trading on Monday, by more than 2 percent, after the Suez Canal Authority succeeded in partially moving the delinquent Panamanian container ship "EVER GIVEN”. Brent crude prices decreased by $ 1.4, equivalent to 2.1%, to reach $ 63.2 per barrel. US crude fell by about $ 1.5, or 2.4%, to hit $ 59.5 a barrel, according to Reuters. Oil prices have witnessed remarkable fluctuations during the past days, as traders and investors sought to balance the impact of the suspension of navigation movement in the Suez Canal, and the wider impact of the closure measures aimed at combating the spread of the coronavirus. Hundreds of other container ships, bulk cargo ships, and tankers loaded with oil are still waiting at both ends of the canal, but the news of the ship moving, pushed oil prices back immediately after it was trading slightly lower.

Source: Egypt Today March 29, 2021 10:07 UTC