Failure to remove ship blocking trade route drives up oil price by 1.98%

On Friday morning oil price rose by 1 percent after dropping 3.8 percent on Thursday after observers predicted it will take weeks to remove the giant container ship blocking the Suez Canal.

Brent crude price, which is of interest to Nigeria rose higher by $1.22 from or 1.98 percent, at $62.67 a barrel by 07.44am after trading at $61.45 on Thursday morning.

U.S West Texas Intermediate (WTI) crude was also up to $59.21 a barrel.

RELATED:  Oil price falls by 1.24% after flash rally over blocked trade canal

Meanwhile, the owner of the titanic ship blocking the Suez Canal apologized on Thursday for bringing one of the world’s most vital waterways to a standstill as the traffic jam stretched into its third day.

Japanese ship-leasing firm Shoei Kisen Kaisha Ltd, in a statement on Thursday said, “We are determined to keep on working hard to resolve this situation as soon as possible.

“We would like to apologize to all parties affected by this incident, including the ships traveling and planning to travel through Suez Canal.”

.Failure to remove ship blocking trade route drives up oil price by 1.98%. . | ..

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