Crude oil futures settled higher on Monday amid concerns about possible disruptions in supply.

However, news about freeing of the container ship that had got stranded in the Suez canal helped limit oil’s downside.

West Texas Intermediate Crude oil futures for May ended higher by $0.59 or about 1% at $61.56 a barrel.

Brent crude futures were up $0.47 or 0.73% at $64.90 a barrel a little while ago.

Traders were looking ahead to the decision of the Organization of the Petroleum Exporting Countries and their allies, with regard to production curbs. The OPEC+ will be announcing their decision on Thursday (April 1).

Oil prices drifted down earlier in the day as the cargo ship blocking the Suez Canal was partially refloated, raising hopes the vital waterway will soon be reopened.

The Ever Given, an enormous container ship almost the length of the Empire State Building, has been wedged since early last week in the canal. The authorities said they hoped the ship would soon be completely freed.

Almost 15% percent of world shipping goes through the Suez Canal, which cuts through Egypt from the Mediterranean to the Red Sea.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.