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  • Crude oil prices edged lower on Suez Canal headlines on Monday.
  • Russia is reportedly supporting OPEC+ oil production rollover to May.
  • WTI staged a rebound during the European trading hours.

Crude oil prices started the new week under modest pressure as authorities managed to make progress over the weekend with regards to reopening the Suez Canal. After dropping to a daily low of $59.40, however, the barrel of West Texas Intermediate staged a rebound during the European trading hours and was last seen trading virtually unchanged on the day near $60.80.

According to the latest headlines, operations in the Suez Canal is set to resume later in the day as the container ship Ever Given is expected to be removed toward the Great Lakes area once the tide rises around 1130 GMT.

Russia reportedly supports output rollover to May

Meanwhile, citing sources familiar with the matter, Reuters reported on Monday that Russia is in favour of rolling over the OPEC+ oil production from April to May and triggered the rebound in crude oil prices. Reuters further noted that Russia will ask for a small increase in its own output.

There won’t be any macroeconomic data releases that could have a meaningful impact on crude oil prices and investors will keep a close eye on developments surrounding the Suez Canal and the output strategy of OPEC+.

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