On Monday, Singapore 380-cst marine fuel price plummeted to its lowest due to a slump in crude futures. This is the lowest price in the last 6-1/2-years .
The assessment of 380-cst marine fuel price is $209 a ton, anew low that was last touched in the year on March 4th’2005. A Singapore-based trader has suggested that they are anticipating a further decline in fuel prices to the extent of $200. The reason for the oil prices hitting their lowest could be the slump in Chinese equities. These equities have shown their worst performance since the depths of the global financial crisis in 2009. They have nearly fallen by 9 per cent. Even the demand for the Singapore 380-cst marine fuel remained slow on Monday. The fuel oil market is fluctuating due to ample supplies coming from the West and the Middle East earlier this year.