US-China supertanker freight costs ease
The daily cost of chartering a supertanker to ship US crude oil to China dropped to $634974 on Friday after reaching a record high earlier in the week. Record freight rates have recently pushed Asian refiners to seek alternative suppliers in the Middle East and Latin America.
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The daily cost to ship West Texas Oil from the United States to China eased from record highs late last week, exchange data showed. The benchmark rate dipped from its all-time peak, offering a brief reprieve to trans-Pacific oil shipping routes. High freight costs have previously priced American crude out of reach for refiners across Asia.
