In the morning the oil price fell after progress was reported in the recovery of the “Ever Given”. But they weren’t big enough – and so it goes up again.
Dhe oil prices went up and down on Monday. In early trading, both the barrels (159 liters) of Brent North Sea oil and West Texas Intermediate (WTI) brand American crude had fallen by more than a dollar each. The reason was reports of progress in the recovery of the container ship “Ever Given”, which were interpreted to mean that the blockade of the Suez Canal would soon be over.
Meanwhile, the “Ever Given” still seems to lie across. “The bow is still completely stuck,” said Peter Berdowski, head of the Boskalis company, on the Dutch radio on Monday morning. Many ships, including numerous oil tankers, are currently stuck in front of the approaches to the Suez Canal.
From a low of $ 63.13 in the morning, the price of Brent rose to $ 65.39 at noon. WTI, whose price fell just under $ 60, was last at $ 61.66 a barrel. This means that oil is now more expensive than it was a week ago.
In addition, investors are already looking at the planned meeting of OPEC and its allied production states combined in OPEC + on Thursday. At the video conference, the majority expected that the production quotas would be maintained, said raw materials expert Eugen Weinberg from Commerzbank. However, the expectations of increasing demand in the coming months and the short-term bottlenecks caused by the closure of the Suez Canal are likely to lead to discussions about increasing production.