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Asian buyers take African, Brazilian crude as tanker rates drop
Reuters reported Wednesday that Asian buyers purchased Atlantic Basin crude after freight rates on African and Brazilian cargoes fell from record highs, citing traders, shipbrokers and analysts.
- New headline Was: “Asia buys up African, Brazilian oil as shipping costs fall”
- Our desk filed its story
Based on reporting by Reuters
Asian refiners and traders have been buying crude from Africa and Brazil after tanker freight on those routes fell from record highs, Reuters reported on Wednesday, citing traders, shipbrokers and analysts1.
The news service said Unipec, the trading arm of China Petroleum & Chemical Corp. (Sinopec), purchased some African cargoes last week1.
A trader who tracks the deals told Reuters that the cost of African and Brazilian crude delivered to China had fallen by $5 to $10 a barrel from last month1.
The account is based solely on Reuters reporting; independent confirmation of volumes, other buyers and how long the freight drop lasts was not available in the material reviewed1.