The prices of oil continued its rebound on Sunday with fears that global supply of crude oil and refined products could be disrupted for weeks with the efforts to dislodge the container ship that blocked the Suez Canal over the weekend.
The price of Brent Crude as of Sunday evening stood at $64.57 per barrel as Goldman Sachs said that crude decline in recent weeks had overshot market fundamentals and demand should still increase sharply through the northern hemisphere’s summer season.
This was a return from a sharp decline earlier last week on concerns that fresh coronavirus lockdowns in Europe would hurt demand.
Brent crude gained about 4.23% during intra-day trading on Sunday after dropping about 4% on Thursday while WTI Crude rose by 4.12% during the same period after having tumbled 4.3% a day earlier.
Brent ($64.57), WTI crude ($60.97), Bonny Light ($63.00), OPEC Basket ($61.63), and Natural Gas ($2.557).
Reports say the 400 meter long giant ship has been refloated after efforts by dredgers