The oil market is confused

On Thursday, March 25, the oil market, bewildered by conflicting news, collapsed again: the price of Brent fell by 3.63% in a day, to $ 61.58 per barrel, and the price of WTI – by 3.9%, to $ 58.39 per barrel, again failing to stay at the landmark level of $ 60.

The ill-fated container ship Ever Given, which blocked oil supplies through the Suez Canal, has not yet been towed, while experts disagree on the timing of unblocking this most important transport artery for Europe and the whole world – from several days to several weeks. But it seems that the market was so frightened by lockdowns in Europe and a possible slowdown in the recovery of global oil demand that the situation in the Suez Canal faded into the background.

This morning, on the news of a new attack by Yemeni Houthi rebels on oil storage facilities in Saudi Arabia, oil prices began to rise again: the price of Brent is currently increasing by 2.05%, and the price of WTI is growing by 2.3%, remaining below $ 60 a barrel. For Brent prices today we expect $ 62-63 per barrel.

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