Fuel oil markets are clouded with red sea disruptions fears. Yemen’s houthi rebels started attacking Commercial vessels passing through red sea waters. Vessel operators are routing through cape of good hope off Africa, avoiding red sea waters to reach destinations. Traffic diversion escalated the freight cost along with insurance cost that inturn will burden world economy. Singapore’s 0.5% VLSFO prices dipped to $599 while HSFO prices remain inchanged.
The world oil markets are moving in bearish mood on mounting stocks and recession fears. FO prices are very likely to go up in India.