Oil storage uneconomical despite hefty supplies as Brent futures strengthen

Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market, industry sources said on Tuesday. Front-month Brent crude prices have jumped since Friday on expectations that Saudi Arabia and Russia may strike a deal to cut output and support prices. “Demand has collapsed and supply is gushing,” said Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore. …read more

Source:: Yahoo Finance


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