• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

Oil prices slip as focus switches from Suez Canal blockage to OPEC+ supply policy

March 30, 20217:44 AM Reuters0 Comments

Pumpjack at sunset

Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and attention switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

U.S. oil was down $1.44 at $60.41 a barrel, having fallen 1% in the previous session.

CL1! chart by TradingView

Brent crude was down $1.16, or 1.75%, at $64.02 a barrel after gaining 0.6% on Monday.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.

With the likelihood that the disruption will prove minimal, the market is turning its focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia in Vienna, collectively known as OPEC+.

They will discuss whether to keep in place curbs on output that have kept millions of barrels a day off the market to support prices, a strategy that has largely worked in recent months.

Saudi Arabia is prepared to accept an extension of the production cuts through June, and is also ready to prolong voluntary unilateral curbs amid the latest wave of coronavirus lockdowns, a source briefed on the matter said on Monday.

“Market expectations for no change to output are largely priced in,” said Howie Lee, economist at OCBC Bank in Singapore. The revival of heavy coronavirus caseloads in Europe “has put a brake on oil’s resurgence”.

More than 127.43 million people have been reported to be infected by the novel coronavirus globally, and the death toll is approaching 3 million, according to a Reuters tally.

In Europe, rising numbers in a third wave of infections are alarming authorities, with France’s Finance Minister Bruno Le Maire saying “all options are on the table” to protect the public.

(Reporting by Aaron Sheldrick; Editing by Kenneth Maxwell) 29dk2902l

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • U.S. Gulf Coast crude oil exports to touch record high this quarter
  • G7 seeks to curb Russian oil income through price cap
  • U.S. natgas futures slip 2% to fresh 11-week low on rising output
  • New campaign urges G7 leaders to address energy crisis by telling Canada to step up and develop our resources
  • Prairie Provident announces new board member

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.