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Record freight costs and tanker risks weigh on Brent near $100
Brent is holding near $100 as recovering Gulf oil flows face higher shipping expenses and increased tanker risk.
Brent crude is holding near $100 as recovering Gulf oil flows collide with record freight costs and mounting tanker risks, OilPrice reports.
The article also points to China as a driver of this month’s refined product rally, after the country’s Ministry of Commerce stopped issuing licenses for refined product exports.
OilPrice says the license change prompted several state-owned firms to cancel October-loading cargoes, reducing what had been a key export outlet.
Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%
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