The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market. The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again. Click Read More below for additional information.
This year has been rocky for the $800 billion trucking industry.
After a raucous 2018, 2019 has seen retailers and manufacturers moving less, according to the Cass Freight Index. Freight rates have dipped year over year for six months straight. Loads on the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, have fallen by a chilling 62.6% in May year over year.
And that means rates have dipped for independent truckers as well as major companies. Rates for van loads sank 20% in May year over year, according to DAT.
The earnings of big and small players alike are getting hit as factory activity continues to decline. The Lexington, Ky., owner-operator Chad Boblett said some truck drivers are seeing a “bloodbath.”
more at source: https://www.msn.com/en-us/money/companies/truckers-sound-the-alarm-as-shipping-companies-hit-the-skids/ar-AAD4tQq?li=BBnb7Kz