Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway.
Even before the deal, a combination of strategic inventory releases, a collapse in demand from top buyer China, and a substantial number of tankers sneaking “dark” out of the Persian Gulf had contributed to a small oversupply in some key markets, traders say.
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