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Oil price falls by 1.24% over blocked trade canal in Suez

Oil Tanker Vessel

Oil pulled back Wednesday’s gain in the early hours of Thursday as the dust settled over concerns that a grounded ship blocking passage in the Suez Canal could tie up crude shipments.

As at 6.40am Brent crude price dropped by 1.24 percent to $63.37 after selling at $64.17 on Wednesday.

Suez Canal is seen as the fastest shipping route from Europe to Asia and the blockage was a needed respite after days of falling oil prices.

Ship traffic along the canal is expected to ease today after rescue effort reports from Egypt said the ship is now partially refloated and all that is left is for the ship to turn around.

Oil prices have received heavy beatings in the last few days due to re-imposed movement restrictions in Italy, France and other European countries.

In February oil price traded at as much as $71 per barrel.