Oil prices rebound on fears Suez Canal blockage may last weeks

Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.

Brent crude was higher by 43 cents, or 0.7per cent, at US$62.38 a barrel by 0028 GMT, after dropping 3.8per cent on Thursday. Both benchmarks were on track for a weekly loss of more than 3per cent, following a more than 6per cent decline last week. "Expectations that the blockage of the Suez Canal may last for weeks raised fears of supply tightness in oil markets," said Nissan Securities researcher Yasushi Osada.

LoL.

Calm down people, you can still go around the Horn of Africa.

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