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Commodities

Asia-bound tanker rates sink amid weak outlook for crude

Shale production and surplus tonnage mean little upside for tanker markets

TOKYO -- Charter rates for oil tankers bound for East Asia are falling, as crude prices remain sluggish even with last week's decision by major producers to extend output cuts.

The benchmark Worldscale index of rates for very large crude carriers stands at roughly 59 for Middle East-Far East routes, down 16% since mid-November.

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