Oil prices traded stable as market concerns over the third wave of Covid-19 in Europe offset the supply risk burden from global crude oil trade due to giant container vessels still stranded in the Suez Canal.
Brent crude futures rose 50 cents to $ 62.45 a barrel, while US WTI added 60 cents to $ 59.16 a barrel in the Asian session today.
Crude oil trade has been under pressure since last Thursday, where it has slumped 7% due to concerns over a pandemic in Europe that will disrupt the recovery of the oil market.
However, the black commodity regained support from the MV Ever Green ship incident that got stuck in the middle of the Suez Canal route, blocking traffic to more than 100 ships carrying all kinds of goods from oil to other consumer goods.
The Suez Canal is among the most important trade routes in the world and provides a route for 10% of total international maritime trade, with 19,000 ships using the route over the past year as well as carrying more than a billion tonnes of cargo.
Meanwhile, rising confidence in the economic recovery in the United States also supported oil prices from declining lower.
