Oil rises after Suez Canal blockage, strong European data

Crude was bolstered by positive economic data as Europe posted a record increase in factory output

Oil rebounded, following a sell-off on Tuesday, as investors assessed the impact of a blockage in the Suez Canal and European manufacturing data beat expectations.

Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February. Despite efforts to move the vessel, it could block the route for days, according to people familiar with the situation.

Crude was also bolstered by positive economic data as Europe posted a record increase in factory output. That masked fresh concerns across the region about surging coronavirus infections.

Oil