Bloomberg: Tanker rates jump as Middle East cargoes rise before OPEC deal

|By:, SA News Editor

Oil tanker rates have jumped to a four month high as traders booked the most-ever cargoes for this time of year, offering signs that Middle East producers could be adding barrels to the market just before OPEC cuts.

Traders booked 141 spot cargoes for the month of October, the highest in at least 12 years, and dayrates on shipments from the Middle East to Asia jumped to nearly $46,900 while a surplus of crude tankers in the Persian Gulf matched the lowest level in a year, Bloomberg reports.

Relevant tickers include FRO, NAT, TNP, TK, NNA, DHT, GNRT, STNG, GNR, NAP.