Bloomberg: Persian Gulf Tanker Rates May Extend Drop on Supply, Oil Price

“Bloomberg reported that “the cost of shipping Middle East oil to Asia . . . may fall for a fifth consecutive week as the supply of vessels exceeds cargoes and refineries wait for crude prices to drop.” Citing Poten’s recent opinion entitled “Outpacing Energy Demand,” Bloomberg wrote that the supply of VLCCs available within 30 days has averaged 79 in 2007.”