Oil-Tanker Contracts Gain 11% on Saudi Cargoes, Fuel Surge
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Contracts tied to the cost of shipping Middle East oil jumped 11 percent because of speculation Saudi Arabia will ship more crude to compensate for lost Libyan production and as fuel prices rose.
Forward freight agreements tied to the cost of shipping Saudi Arabian oil to Japan rose to the equivalent of $33,200 a day from a closing value of about $30,000 yesterday, Will Leslie, head of tanker derivatives at broker ACM-GFI in London, said today by e-mail.