Oil prices were falling Monday as a container ship blocking the Suez Canal for nearly a week was partially refloated, raising hopes that the busy trade route would soon reopen.
Brent crude oil was down 29 cents, or 0.5%, at $64.28 a barrel, while U.S. crude fell 55 cents, or 1%, to $60.42 a barrel.
The stranded container ship, called the "Ever Given," has been partially floated and straightened in the Suez Canal, with further tug operations set to resume when the tide rises on Monday.
Oil prices have swung wildly in the last few days as traders and investors tried to weigh the impact of the blockage of a key trade route and the broader effects of lockdowns to stop COVID-19 infections.
The oil market is getting some support from expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will maintain lower output levels when they meet later this week.
Renewed lockdowns in Europe to curb a wave of COVID-19 infections and the weak fuel demand also pressured prices, although England’s stay-at-home lockdown order ended on Monday to much fanfare in that country.
