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Hope fluctuates for the tanker market 


There is hope seen for tanker market revival after the announcement that proposed Covid-19 vaccines have been found to be over 90 per cent effective in trials, a news that sent world equity markets and oil prices soaring. In its latest weekly report, shipbroker Gibson said that while this news has changed the sentiment, nothing has changed in terms of the near-term oil supply and demand fundamentals. In fact, global oil demand is seen under renewed threat due to escalating Covid-19 cases, most notably in Europe and the US where new cases are hitting levels well above those seen during previous peaks. The virus resurgence in many countries has prompted the International Energy Agency (IEA) to drastically revise down its demand expectations. However, the IEA notes that Chinese oil demand has already climbed above pre-pandemic levels while Indian oil demand is expected to average in Q4 2020 just marginally below levels seen in Q4 2019, as per a report. 

 

Source: Exim News Service: London, Nov. 19

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