As the price of oil retreats to below $100 a barrel following its peak of $147 a barrel in July it is an interesting time to investigate the composition of freight revenue. How has the changing price of bunker oil affected the costs of transporting oil? Traditionally the price of fuel oil and the crude oil are roughly proportional, and as the price of oil has rocketed up so has the price of bunker fuel. At the beginning of 2007 Arab Light oil averaged $49.28 per barrel and 380cST fuel oil from Fujairah $257.6/tonne. The average price for Arab Light in July of this year was $132.19/barrel and the fuel oil averaged $719.4/tonne.
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