Orion Project

Oil prices rose on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and focus turned to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

Brent crude was down 21 cents, or 0.3%, at $65.19 a barrel by 0411 GMT. U.S. oil was up 19 cents, or 0.3%, at $61.75 a barrel.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.

The dollar edged higher in early European trading Tuesday, hitting a one-year high versus the Japanese yen, as U.S. Treasury yields started climbing again on inflation concerns.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.052, a new 4-1/2-month high.

Most of the greenback’s move higher Tuesday has been against the yen, with USD/JPY up 0.3% at 110.15, moving above 110 for the first time since March of last year, with this pair particularly sensitive to movements in U.S. Treasury yields.

“Oil is once again trading lower as recent volatility calms, but is still a long way from petering out,” said Sophie Griffiths, markets analyst at OANDA.

By 11:00 AM ET (15:00 GMT), New York-traded West Texas Intermediate, the benchmark for U.S. crude, was down $3.29, or 5.4%, at $57.89, after falling to as low as $57.77 during the session.

London-traded Brent, the global benchmark for crude, slid $3, or 4.7%, to $61.41, after a session low at $61.27.