Energy and oilUpdated Yesterday

Lower freight rates draw Asian buyers to African and Brazilian crude.

Asian buyers are increasingly turning to African and Brazilian crude as freight costs ease, OilPrice.com reports, citing Reuters. Rates for South American and African cargoes had reached record levels earlier in the year, then fell enough to entice buyers. Shipping oil out of the Persian Gulf is a different story: rates there remain near historic highs. Reuters’ account draws on unnamed traders, shipbrokers and analysts.

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Coverage started Yesterday