Growth in VLCC dirty tonne days slowed to its lowest level of the year in the fourth quarter
In the third week of November, crude freight market sentiment recorded a decrease with VLCC AG to China rates holding a resistance for firmer levels, however, when looking at the demand side there has been a further decrease in VLCC dirty tonne days growth. In the clean segment, there has been a rather steady sentiment amid a weakening picture of the previous weeks, while demand does not yet still provoke signs of recovery. Overall, the fourth quarter of the year seems to evolve with a downward pressure on freight rates despite optimism for a winter demand boosting the rates.
On Thursday, a decline in oil prices continued, building on losses from the previous session. This downturn was fuelled by apprehensions about subdued energy demand from China, contributing to a lacklustre sentiment in the market. Brent futures witnessed a dip, hovering around $80, while U.S. West Texas Intermediate crude (WTI) saw a decrease, reaching $76.01. The prevailing market conditions reflect the impact of concerns over Chinese energy demand and contribute to the overall downward trend in oil prices.
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