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Crude prices, VLCC rates head south
Mar 29: Crude oil prices dropped for a third week in a month, as OPEC and its allies prepared to meet for a review of their production cuts, while swelling U.S. stockpiles indicated the measures are not working yet. U.S. supply glut and increased drilling activity continued to counter output cuts by OPEC and other producers. OPEC has indicated that will extend cuts if stockpiles are still above their 5-year average.
8In the crude market, VLCC rates in the AG dropped substantially after a relet VLCC that was ex dry dock fixed at well below market levels. First decade cargo volumes do not appear to be substantially lower, but sentiment turned sour. In May OPEC will meet to decide over the extension of supply cuts, but so far the first cut has not significantly affected cargo volumes yet.
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