Oil prices rebound on fears Suez Canal blockage may last weeks
Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.
Prices, however, were still headed for a third consecutive weekly loss.
Brent crude was higher by 43 cents, or 0.7%, at $62.38 a barrel by 0028 GMT, after dropping 3.8% on Thursday.
U.S. West Texas Intermediate (WTI) crude was down49 cents, or 0.8%, at $59.05 a barrel, having tumbled 4.3% a day earlier.
Both benchmarks were on track for a weekly loss of more than 3%, following a more than 6% decline last week.
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