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Oil rises as much as 3% after a grounded container ship blocks the key Suez Canal trade route

March 24, 2021


Oil rose by as much as 3% on Wednesday after a huge container ship ran aground and blocked the Suez Canal, a key shipping route for crude and refined products, which raised some concern about fuel supply.

Overall, the price of oil is set to fall for the third consecutive week this week. Another round of lockdowns in Europe could threaten the recovery in demand growth and have undermined some of the recent strength in the oil market.

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