Oil Prices Sink as Tanker Traffic Highlights Supply Surge

The volumes of oil in transit at sea continue to increase to multi-year highs as supply grows from both OPEC+ and non-OPEC+ exporters, and more long-haul voyages from the Atlantic to the Pacific basin are being made due to favorable arbitrage economics. This massive supply buildup has helped push prices down, with WTI crude falling to $56.84 (-1.22%) and Brent crude dropping to $60.55 (-1.26%). As many as 1.24 billion barrels of crude and condensate were in transit on tankers in the week to October 17, per data from energy flows analytics firm…

https://oilprice.com/Energy/Crude-Oil/Over-12-Billion-Barrels-of-Oil-Move-As-Supply-Grows.html