Media reports said that
It said that prices dropped nearly 2pc on Wednesday as major shipping firms began returning to the Red Sea.
“Concerns about shipping in the Red Sea have eased, but continued worries about tensions in the Middle East, especially on Iran’s involvement in the region, make it difficult to sell further,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
“The market is likely to try the upside again… maybe in the early new year, also on expectations of a recovery in fuel demand thanks to monetary easing in the United States and higher kerosene demand during the winter in the northern hemisphere,” he said.