Significant repercussions in the global oil market due to the Pentagonal Depression affecting the Middle East - Details

Arab Weather - Oil prices rose, during trading on Wednesday, about 3% after a ship stranded in the Suez Canal. Brent rose 2.9 percent to $ 62.55 a barrel, by 12:33 Moscow time, after tumbling 5.9 percent to $ 60.50 the previous day.

West Texas Intermediate crude rose 2.91 percent to $ 59.44 a barrel, after losing 6.2 percent and touching a low of $ 57.03 on Tuesday.

The two indices touched their lowest levels since early February yesterday, and are down about 14 percent from the high levels they reached earlier this month.

"Investors adjusted their positions after the sharp drop yesterday," said Kazuhiko Saito, chief analyst at brokerage firm Fujitmoe Co for commodities.

"But the market remains expecting a decline due to growing concerns about a recovery in demand in the wake of new restrictions in Europe due to the pandemic," he added.

Source: Reuters