Oil-Tanker Glut Seen Swelling in Persian Gulf as Rates End Rally
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A surplus of oil tankers seeking cargoes in the Persian Gulf expanded, curbing an advance in charter rates for the vessels.
There are 20 percent more very large crude carriers for hire over the next 30 days than there are cargoes, according to the median estimate of seven shipbrokers and owners surveyed by Bloomberg News today. A week ago, the excess was 16.5 percent.