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WTIU - Crude Oil Held In Sea Storage Hits New Record At 160 Million Bbls
UBS AG London Branch ZC SP ETRACS REDEEM 04/01/2047 USD 25 - Leveraged Long
Traders are storing an estimated record 160 million barrels of oil on ships - double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say.
Organization of the Petroleum Exporting Countries ((OPEC)) and other producers including Russia have agreed a record cut in output from May of 9.7 million barrels per day, or almost 10% of global supply, to help support prices and curb oversupply.
At the same time, traders have rushed to find storage on land