An unthinkable hike in tanker freight rates is potentially possible if oil prices decline again in the way they did last week, a global oil analyst predicts.
A breaking point of Brent crude with zero value and VLCC rates at $2m per day “sounds unlikely, but after having seen the WTI May contract trade down to minus $40 per barrel last Monday, we can say for sure that nothing is impossible,” SEB Merchant Banking chief commodities analyst Bjarne Schieldrop said in a market report on Monday.
