Since fuel oil is derived from crude oil, its price movement is 

inextricably linked to international crude oil price. After 2010, however, 

the exceptionally sluggish shipping market has weakened the 

Singapore fuel oil price, especially in comparison with the price trend 

of international crude oil over the same period. The transition from 

high sulfur to low sulfur fuel oils has had a significant impact on market 

supply and demand, including a slight drop in correlation between the 

price of fuel oil and the price of international crude oil.

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