Oil prices rose on the eve of meeting between OPEC and its allies, as investors were betting the producers would largely agree to extend their supply curbs into May.

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Oil prices rose on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and focus turned to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

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Oil slumped more than 2% on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week.

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British wholesale gas prices rose on Friday morning as delays in liquefied natural gas (LNG) cargo arrivals were expected due to a blockage in the Suez Canal.

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Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products.

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Oil prices fell more than 2% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal.

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British wholesale gas prices rose on Wednesday morning on colder weather and diversions in the Suez Canal which could slow liquefied natural gas (LNG) arrivals.

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Oil rose more than 1% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.

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Oil prices fell 1% on Tuesday, hit by concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in demand, while producers cut prices in a sign of plentiful supply.

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British wholesale gas prices were mixed on Monday morning, with lower supplies of Norwegian gas and liquefied natural gas (LNG) offset by expectations that rising wind output would curb demand from the power sector.

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