Oil rises in price due to blockage of the Suez Canal

Trading on the market on Friday began with a rise in prices for raw materials. Already in the morning, the of a barrel of Brent rose by 0.86% to $62 48 cents. A barrel of WTI crude rose 1.13% to $59.22.

The situation in the Suez Canal contributes to the growth of prices. It is actually blocked for the movement of ships, including oil tankers. The problem arose after a 400-meter container ship ran aground.

How long it will last is still unknown. Experts note the uncertainty in the market. This is indicated by high volatility.

More significant growth in oil prices is hindered by the difficult epidemiological situation in the United States and Europe. The number of diseases continues to grow. The authorities of a number of countries were forced to take additional decisions on restrictive measures.

This development of events raises concerns among investors about the suspension of growth in demand for oil.

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