3/30, 6:24 PM (Source: TeleTrader)
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Oil drops amid supply boost after Suez blockage

Prices of crude went down by nearly 2% on Tuesday as traffic in the Suez Canal resumed on Monday following a blockage that cut oil supply chains for several days.

Meanwhile, investors await the 15th OPEC and non-OPEC Ministerial Meeting that is scheduled for Thursday with the cartel members expected to discuss extending crude output cuts.

West Texas Intermediate (WTI) for deliveries in May sank 1.88% to trade for $60.40 per barrel at 12:11 pm ET, while Brent for settlements in the same month weakened by 1.52% to sell at $63.99 per barrel a minute later.

Breaking the News / GA