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Surge in tanker rates shows that supply glut still persists

Analysts say that about 20 million barrels of oil are being stored on ships, in another indication that the glut has yet to dissipate.


FOUR months into oil's rebound from a six-year low, the tanker market is sending a clear signal that the rally is under threat.

A sudden surge in demand for supertankers drove benchmark charter rates 57 per cent higher in the two weeks till May 20. The Organization of