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March’s tanker rollercoaster

Just why have rates see-sawed so much this month?

Oil prices continued to rise in February and March with WTI increasing from $76.49 on February 23 to $80.63 on March 22. Over the same period, the OPEC basket price increased from $82.23 to $85.56. Traders pointed to OPEC+ continuing its production cap, to improving economic conditions in China, and to rising geopolitical tension, particularly a Ukrainian drone campaign against Russian refineries. This has caused an estimated 10% cut in Russian refinery output which in turn has led to a gasolin...

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