News of an immiment coronavirus lockdown in the UK has moved the forward oil price spread further in tanker owners' favour.
The UK government said over the weekend that non-essential businesses and offices will be closed for at least four weeks from 5 November, hitting oil demand and prompting sell-offs in prompt prices.
New lockdowns have also been announced in France and Germany, which, together with the UK, account for 6m barrels per day (bpd) of consumption, 6% of the global total.
