Oil – Bloomberg reported that Frontline Ltd. rejected some oil cargoes amid a rout in vessel rates. The company is “selectively” offering tankers for charters and the market is in a state of panic because excess ship supply brings down the cost of charters.
Oil – Bloomberg reported that Iran’s crude oil shipments have dropped at least 40% in the last nine months as the United States and European Union tighten their sanctions in their aim to deter its nuclear program.
Oil – Reuters reported that as U.S. budget talks stall, the price of crude oil has also fallen to $109 per barrel Friday.
Oil – The Wall Street Journal reported that crude oil futures dipped 1% amid concerns that the U.S. fiscal cliff negotiation is not making any progress.
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