The stranded container ship Ever Given has been partially floated and straightened in the Canal, with further tug operations set to resume when the tide rises later on Monday.
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 transit point and the broader effect of lockdowns to stop coronavirus infections. Market volatility is set to continue.
The Crude Oil market has climbed into a short term bull upswing and posting a close over 62.05 implies an extension to 63.70. Trade may slip into Friday’s range and consolidate gains, but suspect support under 57.40 will bounce trade back to positive trade action. Only a close under 57.30 turns trend forces back down.