Charterers were holding back in the VLCC market on Thursday as a narrowing oil contango reduced financial incentives for floating storage.
Prompt oil prices rose by more than 20% amid reports Beijing is ramping up imports to fill strategic petroleum reserves and a possible supply cut agreement between Russia and Saudi Arabia.
US President Donald Trump, who is seeking to broker a deal between the two major producers, tweeted: “I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more.”
