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Oil Prices Rebound by About 3% After a Container Ship Stranded in The Egyptian Suez Canal

Adel 24 March, 2021 2:49 pm Commodities, Market Update

Oil prices rose in today’s trading by about 3% after a container ship ran aground in the Egyptian Suez Canal and other ships accumulated inside the canal.

Brent crude prices rose by about 3% to $62.7 a barrel, and Texas crude prices rose by more than 3% to about $59 a barrel.

The Ever Given, chartered by the Taiwanese company Ever Green, drifted into the Suez Canal due to sudden strong winds that caused the hull to sway in the waterway, hit the bottom and drift.

It is noteworthy that oil prices fell yesterday by more than 6%.

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