Suez Canal

Traffic slows in Suez Canal as tanker faces difficulties

Brent was trading 1.72% up at  $63.13.

Marine traffic slowed in the Suez Canal on Tuesday as oil tanker M/T Rumford appeared to face difficulties in the south of the canal, shipping websites MarineTraffic and TankerTrackers said.

A trade source said that the canal notified companies that the M/T Rumford faced engine trouble in the canal and that it had sent tug boats Tim Hope and Mosaed 3 to its aid.

TankersTracker said on Twitter that the vessel had run into difficulty but is finally heading north again.

The Suez Canal Authority (SCA) told Reuters the issue had only lasted about 10 minutes and “was fixed”.

On the technical front, Brent Oil , RSI stood at 47.394, the current price is trading  Below All  the Moving Averages 5 & 50  . So, a  Sell  trade can be executed with the following target and stop-loss:

TRADE SIGNAL-  Brent Oil – Sell: 63.15, TARGET :-62.15 , STOP LOSS :- 63.75.

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