Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.
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Oil prices fell more than 2% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal.
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British wholesale gas prices rose on Wednesday morning on colder weather and diversions in the Suez Canal which could slow liquefied natural gas (LNG) arrivals.
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Oil rose more than 1% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.
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Oil prices fell 1% on Tuesday, hit by concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in demand, while producers cut prices in a sign of plentiful supply.
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British wholesale gas prices were mixed on Monday morning, with lower supplies of Norwegian gas and liquefied natural gas (LNG) offset by expectations that rising wind output would curb demand from the power sector.
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British wholesale gas prices fell on Friday morning amid rising supply, milder weather and weaker emissions prices.
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Oil prices steadied on Friday, but were down 8% for the week, after an overnight sell-off as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand.
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Oil prices declined for a fifth consecutive session on Thursday falling around 1% after official data showed a further increase in U.S. crude and fuel inventories, while the ever-present pandemic clouded the prospects for a demand recovery.
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Oil prices climbed on Wednesday as investors weighed a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week against concerns of rocky demand in Europe.
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