The closure of the Suez Canal led to a moderate price rally last week, which came after a significant decline in oil prices triggered by new and stringent lockdowns in Europe. The impact of the Suez Canal crisis on oil markets has been marginal due to a number of factors including (1) slowing demand especially in the EU, (2) relatively high inventory figures, and (3) the low volumes of crude oil passing through the canal (less than 5% of global supply).
Now the shipping channel has been unblocked again, the markets have priced in a short delay…Oil Markets Already Priced In An OPEC+ Output Cut Extension
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