Oil prices are dropping as news of the Ever Given’s partial re-floatation has risen hopes that the crucial global trade canal can soon reopen.

After 4 sessions of wild fluctuations, prices dropped over 2 percent on Monday after the Suez Canal Authority’s announcement of the container ship’s 80 percent course modification.

Benchmark Brent crude prices decreased by 1.4 dollars, equivalent to 2.1 percent, to reach 63.2 dollars a barrel. US crude fell by about $ 1.5, or 2.4 percent, to hit $ 59.5 a barrel.

The benchmark and US crude futures saw a 4 percent jump on Friday due to the concerns that the re-floatation mission could take weeks, disrupting global supplies of crude and refined products.

"The container ship began to float successfully after responding to the pulling maneuvers," the head of the authority, Osama Rabie, said in a phone interview with state TV.

The authorities will now keep the freed stern of the ship away from the bank as they work on pulling the front out.

There are currently 369 vessels awaiting the canal’s opening, including oil tankers and other consumer goods container ships, stated the Suez Canal Authority. It could take 3 days and a half for all the ships to cross the canal, they added.