2021.03.2910:30:00UTC+00Oil Prices Cut Early Loss

Oil prices fell on Monday as the cargo ship blocking the Suez Canal was partially refloated, raising hopes the vital waterway will soon be reopened.

Benchmark Brent crude fell as much as 2 percent earlier before recovering to trade on a flat note at $64.40 per barrel. WTI crude futures were down 0.4 percent at $60.72. The stranded container ship was successfully re-floated at 4.30 a.m. local time and was being secured at the moment, Inchcape, a global provider of marine services, said on Twitter.

Ship-tracking service VesselFinder has changed the ship's status to under way on its website.

The Ever Given, an enormous container ship almost the length of the Empire State Building, has been wedged since early last week in the canal. The authorities said they hoped the ship would soon be completely freed.

Almost 15 percent of world shipping goes through the Suez Canal, which cuts through Egypt from the Mediterranean to the Red Sea.