Oil Prices Drop as Suez Canal Restarts Navigation

Oil prices fell on Tuesday after the Suez Canal was reopened to navigation after Egyptian and one Dutch tug boats re-floated the giant container vessel "Ever Given", in a less than a week, and another 2 days to clear 422 ship.

Brent fell 1.9% to $ 63.78 a barrel, while the West Texas Intermediate (WTI) fell by 2.1% to $ 60.28 a barrel.

"The price gains that accumulated during the Suez crises did not last as long as expected and are now being wiped out with the gradual return to normal traffic," said Louise Dickson, oil market analyst at Rystad Energy.

Meantime, the focus shifted to this Thursday's OPEC+ meeting, as supply curbs are expected to overturn the weak demand.

Affecting oil prices, the dollar rose against the major currencies and rose to a year high against the yen as the stronger dollar makes crude more expensive for other currencies.