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3/29, 4:51 PM (Source: TeleTrader)
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Oil prices dip as traffic in Suez Canal resumes

Oil prices turned to losses on Monday as traffic in the Suez Canal resumed following six days of disruptions due to the massive container ship Ever Given blocking the crucial passage.

Suez Canal authorities confirmed earlier that the vessel has been successfully dislodged and began to float, paving the way for 400 other ships to continue their journeys through the major international travel route.

Brent for May delivery was down 0.54% to $64.22 per barrel at 10:33 am ET. Meanwhile, May West Texas Intermediate futures lost 0.56% to $60.63 per barrel.

Breaking the News / JC