BNO - Oil rebounds after stuck ship blocks Suez Canal in both directions

WTI crude (CL1:COM) and Brent futures (CO1:COM) climbed 3% overnight to $59.66/bbl and $62.77/bbl, respectively, after a ship ran aground and blocked the Suez Canal in both directions.The 224K-ton Ever Green was stranded on Tuesday morning after losing the ability to steer amid high winds and a dust storm, causing a gridlock of at least 100 vessels.The Suez Canal is used by tankers transporting crude oil from top exporters in the Middle East to customers across Europe and the U.S., and also by ships cargo from the North Sea to Asia."It could be having a bit of an impact when you consider about 10% of total seaborne oil trade goes through the Suez Canal, but I imagine any disruption would be very temporary," said Warren Patterson, head of commodities strategy for ING Group in Singapore.ETFs: [[USO]], [[UCO]], [[BNO]], [[SCO]], [[USL]], [[DBO]], [[USOI]], [[NRGU]], [[OILK]], [[NRGD]], [[OLEM]], [[USAI]], [[NRGO]], [[NRGZ]], [[YGRN]]

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Oil rebounds after stuck ship blocks Suez Canal in both directions