Oil prices continue to gain, jump 6% as movement in Suez Canal is suspended

Oil prices extended their gains today, Wednesday, as Brent futures rose $ 3.69 a barrel, despite an unexpected rise in US inventories.

The price of Nymex crude futures for delivery in May rose 6% to $ 61.25 a barrel.

The price of Brent futures for delivery in May rose 6% to $ 64.48 per barrel.

Oil prices have been supported by the suspension of navigation in the Suez Canal, which has resulted in a disruption of crude supplies.

Crude prices fell around 6% in yesterday’s session, with fears of slowing demand due to extended shutdowns across Europe, amid fears of a third wave of the epidemic.

Earlier today, the US Energy Information Administration said US inventories of crude oil, gasoline and distillates increased last week.

Source: “Reuters” + RT

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