Oil Drops As Suez Canal Shipping Resumes

Oil prices fell early on Tuesday as the Suez Canal reopened for ship traffic after a week-long blockage, while rising U.S. dollar put further downward pressure on crude. As of 9:36 a.m. EDT on Tuesday, WTI Crude prices were down 1.62 percent at $60.52 and Brent Crude was trading down 1.35 percent on the day at $64.06. Oil prices were also reacting to a potentially bearish signal about U.S. demand, after CDC Director Dr. Rochelle Walensky said on a news conference on Monday that the United States was headed to “impending doom” with the…