High freight rates are forcing oil producers to cut prices. The VLCC rate from the Persian Gulf to China reached $33 per barrel at the end of September, pushing the price of imported Middle Eastern crude in China to around $140 per barrel—higher than refineries are willing to pay—so sellers are lowering their price differentials. #btc #ETH #sol #bnb #oil $NVDAB $AAPLB $MSFTB