Oil Price Rise Archives - Maritime Shipping News

US Navy On Alert Over Potential Pirate Attacks In The Cape Of Good Hope

30 March 2021

Multiple shipping companies are reportedly contacting the U.S Navy about the potential risks of piracy for ships traveling around Africa to avoid the blocked Suez Canal, the Financial Times reported Friday, amid growing concerns that the sky-scraper-sized ship may end up blocking one of the world’s busiest shipping lanes for weeks, reports Forbes.

Key Facts

With the Suez Canal blocked, ships can either drop anchor and wait or take a lengthy detour, most likely around Africa.

The region has a well-...

https://mfame.guru/us-navy-on-alert-over-potential-pirate-attacks-in-the-cape-of-good-hope/

Oil Price Rebounds On Suez Canal Blockage

24 March 2021

Oil climbed as investors assessed the impact on global crude flows after a ship ran aground and blocked the Suez Canal, following a sell-off on Tuesday, reports Yahoo Finance.

Markets reprieve

Crude was also bolstered by positive economic data as Europe posted a record increase in factory output.

Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February.

For more information read our article Mega...

https://mfame.guru/oil-price-rebounds-on-suez-canal-blockage/

Global Oil Market ‘Looking To Set Foot’ Amid Recovering Crude Futures

28 December 2020

Dated Brent jumps to nine-month high.
Momentum could be halted by new COVID-19 strain in UK.
North Sea spot market gets more active.

The world’s physical oil markets are responding unevenly to the recent rally in crude futures, with a healthy dose of skepticism and sanguinity, reports Platts.

Rise in oil pries to prevail?

The divergent paths of some crudes and refined products has led some traders and analysts to question whether the 25% rise in oil prices over the past month can be sustained.

The...

https://mfame.guru/global-oil-market-looking-to-set-foot-amid-recovering-crude-futures/

Oil Prices Rise Amid Broad Market Rally, OPEC Supply Cuts

14 March 2019

As per an Asian Age report, the oil market is in a turmoil with prices rising high amidst supply cuts and broad market rally. Here’s an insight into the situation at hand.

The Oil Market Scenario

Oil prices rose on March 12, lifted by healthy demand and output cuts led by producer group OPEC.
A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.
US West Texas Intermediate (WTI) crude oil futures were at USD56.97 per...

http://mfame.guru/oil-prices-rise-amid-broad-market-rally-opec-supply-cuts/