Project Description

The oil price was roughly $90 during February, then spiked right at the end to nearly $100 when Russia invaded the Ukraine. February is normally a quiet month and is down 6% overall for across the tanker groups, with crude oil down 5% and oil products down 13%. However, crude oil is up 7% compared to February last year and oil products is down just 1%. This can be seen as a rebound from Covid.

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