Oil futures ended higher Monday, shaking off earlier gains, with traders expecting shipping delays to persist, even as one of the world’s largest container vessels has been freed in the Suez Canal.
The ship had run aground nearly a week ago, blocking the flow of global trade goods, including crude oil, through the crucial waterway.
“The release of the tanker frees the bottleneck allowing awaiting oil and petroleum products” to pass through, but “there will still be a delay in their arrival,” said James Williams, energy economist at WTRG Economics.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.