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Al-Marsad Journal: In an unexpected development, and after rising last night, oil prices fell more than two percent on Thursday as new general isolation measures aimed at tackling the Corona virus heightened concerns over demand for petroleum products, even as ships cope, Qatar struggles to float a stranded container ship blocking tankers’ route through the Suez Canal.
Brent futures were down $ 1.33, or 2.1%, to $ 63.08 a barrel at 05:59 GMT, after jumping 6% overnight, according to Sky News.
West Texas Intermediate U.S. crude futures fell $ 1.40, or 2.3%, to $ 59.78 a barrel, after rising 5.9% overnight.
Prices fell earlier this week amid concerns over tightening pandemic restrictions in Europe and postponing vaccine distribution, disrupting growth in fuel demand, but they reversed course sharply on Wednesday. due to the news of a grounded ship in the Suez Canal, which could hamper the price of ten tankers carrying 13 million barrels of oil.
There are ten ships in five holding areas to cross the 200-kilometer-long canal as the area approaches.
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