SINGAPORE: Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.
Two oil tanker owners said last week that there was rising demand to store, without identifying the companies making the requests. Storing doesn’t look profitable on paper and keeping barrels at sea would normally be more expensive than land-based options. Brent crude for April rose as much as 1.4% in Singapore on Tuesday. It was at a discount of about 30 cents to May.
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