Commodity Update March 29, 2021: Oil Prices Remain High as Suez Blockage Weighs on Supply

Commodity update as of 8:47 local time in Thailand on March 29, 2021

 

Oil prices surged higher last Friday as concerns over the continuing blockage of the Suez Canal by Ever Given to last longer than expected and threatened oil supplies.

On Friday, the international benchmark Brent crude settled at 64.57 dollars a barrel, increased 2.62 dollars. Meanwhile, WTI rose 2.41 U.S. dollars to close at 60.97 dollars a barrel.

Yesterday, authorities over the blockage site cancelled the freeing attempts until sufficient tug power is in place as well as the right time for the tide. The plan for reattempt is expected to be on Monday.

 

Oil prices traded slightly lower on Monday morning in the Asia trading sessions as Brent dropped 0.08% and WTI slipped 0.33%.