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Crude oil prices plunged yesterday on raising concerns about global demand fuelled by bad news about the pandemic (see the Daily Eco). API data also pointed to a new rise in US crude stocks last week. The Brent 1st-nearby prices fell to almost $60/b and WTI prices to $57.25, their lowest levels since the first half of February. But they have rebounded this morning on the news that an giant ship blocked the Suez canal, which may have a strong temporary impact on oil transportation. About 10% of total seaborne oil trade goes through the canal.
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