Oil rises on Suez blockage.
Oil reversed the previous losses after the failed attempt to free up the Suez Canal and the mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would disrupt the supplies of crude and refined products to Europe. The ship is blocking traffic in the Suez Canal, one of the world’s busiest shipping channels for oil and refined fuels trade between Asia and Europe. The salvage company said the vessel may take weeks to free- which is adding to fears of supply tightness as the key Suez Canal remained blocked – outweighing concerns over weak demand due to lockdowns in Europe and Asia.
Expect buyers on downward corrections.
Next resistance to watch – 64.25
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