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CNBC reporter Brian Sullivan analyzed that the "actual" price of physical crude oil could be $30-40 higher than current levels due to soaring tanker freight rates.
CNBC reporter Brian Sullivan analyzed that the "actual" price of physical crude oil could be $30-40 higher than current prices due to soaring tanker freight rates. He stated that chartering a Very Large Crude Carrier (VLCC) from the US Gulf Coast to China costs as much as $76 million, which translates to an increase of approximately $38 per barrel in crude oil transportation costs, 10 times higher than less than a year ago.
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