NEW YORK, Oil price on Wednesday rose more than four percent after a ship ran aground in Egypt’s Suez Canal.
Worries increased that the incident could delay crude shipments and increase prices after a slide over the last week.
The US crude benchmarks and London-based Brent rose after US reserve figures showed a further rebound in refining activity.
This refers that US refineries are mostly recover from the cold wave that hit Texas last month.
Brent crude gained rose by USD 2.17 per barrel, 3.6 percent, reaching USD 62.96, after plummeting 5.9 percent in the previous day.
West Texas Intermediate (WTI) increased by USD 2.12, about 3.7 percent, reaching USD 59.88, after 6.2 percent loss on Tuesday.
Panama’s giant ship ran aground in the Suez Canal and blocked it when it was coming from China heading to the Netherlands’ Rotterdam.
The invisibility due to weather conditions was behind the incident.
Source: Kuwait News Agency