WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal and investors shifted focus to upcoming OPEC meeting.
Benchmark Brent crude dipped 0.6 percent to $64.54 per barrel, after having gained 0.6 percent on Monday.
WTI futures were down 0.7 percent at $61.11 per barrel after falling 1 percent in the previous session.
Shipping traffic through Egypt's Suez Canal resumed on Monday, but authorities said it could take up to 3 days to clear the backlog of ships waiting to transit the route.
Investors look ahead to this week's OPEC+ meeting amid expectations that the group will stick with its tight production curbs for another month to safeguard the recovery in prices amid new coronavirus pandemic lockdowns.
A fresh wave of Covid lockdowns across Europe may cause the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia in Vienna, collectively known as OPEC+, to extend cuts into May when it meets Thursday.
With oil prices making steady gains earlier this year, Saudi Arabia is prepared to accept an extension of the production cuts through June, and is also ready to prolong voluntary unilateral curbs, media reports said on Monday, citing sources.
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