Crudeoil futures were under renewed pressure Thursday as worries over rising COVID19 cases in major oilconsuming countries outside the U.S. underlined worries over the energy demand outlook.

Traders kept an eye on the progress of moving a ship that blocks the Suez Canal, which has led to a halt in shipping through one of the worlds key waterways, leading to disruptions in the transport of oil. Bloomberg reports that the best chance to move the massive container ship may come at peak tide on Sunday or Monday.

While some estimates suggest tankers carrying up to 15 million barrels of crude are currently impacted by the Suez situation, reports have suggested the 1,300 foot ship, the Ever Given, could potentially be moved by Monday, said Robbie Fraser, manager of global research analytics at Schneider Electric.

That timeline would offer little in the way of longterm market impact, he said, in a market update. A more significant risk comes from the potential for timelines to be hit with significant delays as efforts continue into the weekend.

West Texas Intermediate crude for May delivery fell 2.57, or 4.2, at 58.61 a barrel on the New York Mercantile Exchange. Prices looked to give up most of the 5.9 rise seen on Wednesday and traded down over 4 week to date.

May Brent crude the global benchmark, dropped 2.24, or 3.5, to 62.17 a barrel on ICE Futures Europe, following a 6 rise a day earlier.

Europe tightening lockdown restrictions has unnerved the markets, but COVID…