Supertanker freight rates rise

Supertanker freight rates rose significantly after the US imposed new sanctions aimed at restricting trade in Russian oil. The situation has forced oil traders to actively lease vessels to supply oil to China and India from alternative sources, market participants report. When planning transactions, it is necessary to keep a close eye on the development of the situation. Continued supply from oil sellers together with limited opportunities for its transportation may affect the price of the asset.

Technical Analysis

Technically, quotes are facing resistance, approaching the previously mentioned level of $78.50.