Commodity Update March 30, 2021: Oil Prices Continue Higher as OPEC+ Meeting Draws Near

Commodity update as of 9:55 local time in Thailand on March 30, 2021

Last night, the Ever Given, a massive vessel that blocked Suez Canal for almost a week, had finally been refloated and left the grounding site with the assistance of tugboats for further inspection, opening the way for more than 300 vessels stuck at the port to go on their routes.

 

Meanwhile, oil prices continued to increase even after the Suez Canal incident had been resolved. The increase might be due to an anticipation of the OPEC+ meeting on Thursday to maintain the output.

 

As of 9:55 local time in Thailand on Tuesday, Brent crude rose 0.25% to 65.14 dollars per barrel. WTI increased 0.24% to 61.71 dollars per barrel.