Oil prices stabilise after dipping by 2% as Red Sea trade resumes

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Global Economy & Markets

Oil prices stabilise after dipping by 2% as Red Sea trade resumes

Oil prices have stabilised after falling by nearly 2 percent as major shipping firms began using the Red Sea maritime route - despite Yemen's Houthi attacks this week. Though investor concerns about shipping have eased markets are still on tenterhooks over increased tensions in the Middle East. Brent Crude futures climbed 0.3 percent with the US West Texas Intermediate up 0.3 percent. Danish Shipping company Maersk has scheduled several dozen container vessels to travel via the Suez Canal in the coming weeks - improving investor confidence in oil stocks. Analysts expect oil demand to rise after growing expectations that central banks such as the US Federal Reserve will begin cutting rates will lead to reduced borrowing costs.