2021.03.2919:16:00UTC+00Oil Futures Settle Higher

Crude oil futures settled higher on Monday amid concerns about possible disruptions in supply.

However, news about freeing of the container ship that had got stranded in the Suez canal helped limit oil's downside.

West Texas Intermediate Crude oil futures for May ended higher by $0.59 or about 1% at $61.56 a barrel.

Brent crude futures were up $0.47 or 0.73% at $64.90 a barrel a little while ago.

Traders were looking ahead to the decision of the Organization of the Petroleum Exporting Countries and their allies, with regard to production curbs. The OPEC+ will be announcing their decision on Thursday (April 1).

Oil prices drifted down earlier in the day as the cargo ship blocking the Suez Canal was partially refloated, raising hopes the vital waterway will soon be reopened.

The Ever Given, an enormous container ship almost the length of the Empire State Building, has been wedged since early last week in the canal. The authorities said they hoped the ship would soon be completely freed.

Almost 15% percent of world shipping goes through the Suez Canal, which cuts through Egypt from the Mediterranean to the Red Sea.