Oil slumps as Suez Canal container ship starts to move

A view shows the container ship Ever Given, one of the world's largest container ships, in Suez Canal, Egypt March 29, 2021. REUTERS/Mohamed Abd El Ghany

TOKYO: Oil slumped more than 2% on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week.

Brent oil was down $1.38, or 2.1%, at $63.19 a barrel by 0511 GMT. U.S. crude fell 1.48 cents, or 2.4%, to $59.49 a barrel.