Oil prices rise, Brent crosses $65

Drilling rigs

Oil prices edged higher on Monday, after declining 2% in early session amid reports of success in moving the container ship that was stuck in the Suez Canal blocking the movement of oil tankers.

International benchmark Brent crude was trading up 0.8% at $65.09 per barrel, at 2.50 pm Makkah time.

West Texas Intermediate (WTI) crude also rose 0.8% to $61.38 per barrel.

“Each day that passes increases the oil on water rather than in the refinery for processing,” Reuters reported, citing Stephen Innes, chief markets strategist at axi, before reports of movement of the Ever Given container ship.

That “should help to re-tighten the physical market and stabilize prices,” he added.