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Weekly Tanker Time Charter Estimates September 20 2017

After Iraqi oil minister’s reported that OPEC members are considering extending the output cuts, oil prices rose for the largest gain in 13 years, with WTI reaching 50.08 USD/bbl and Brent 55.68 USD/bbl.

The oil price is on course for a rise of 15.5% in 4Q 2017, which would make this year’s performance the strongest Q3 since 2004.

On the shipping side, MRs in xMed and Bsea/Med enjoy increased spot rates are up to WS190 while TC rates have only seen a slight increase achieving $13,650/pdpr for 1 YR t/c.

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