Oil rises slightly as market weighs mixed supply signals
Brent and West Texas Intermediate rose as traders weighed China’s export curbs, U.S. troop deployments and pressure on Europe to release diesel stocks.
- Oil prices drifted higher on Friday as China halted fuel exports to regions beyond Hong Kong and Macau, with Brent rising 29 cents to US$102.60 per barrel amid concerns over global fuel shortages.
- Chinese refiners suspended exports on Thursday without Beijing's approval to ship beyond Hong Kong and Macau during a weeklong holiday, leaving unclear whether permits will resume after October 7.
- The Trump administration pressured Germany and France to release 120 million barrels of diesel over six months, threatening a potential US diesel export ban if the nations refuse to draw down emergency stocks.
- Geopolitical tensions escalated as the US deployed a third aircraft carrier and up to 10,000 troops to the Middle East, with President Donald Trump weighing resuming strikes on Iran post-midterm elections.
- KCM Trade analyst Tim Waterer said traders are "simply taking a breather" after Thursday's disruption, noting that Saudi exports and China's curbs create "distinctly mixed signals" for the market ahead.
13 Articles
13 Articles
Oil rises slightly as market weighs mixed supply signals
Oil prices drifted slightly higher on Friday after China halted fuel exports, while the Wall Street Journal reported that the US is sending more troops and carriers to the Middle East as it also tries to make Europe draw down more emergency diesel.
News that the US asked European countries to reduce their emergency diesel stockpiles was also in the focus of the markets. Brent above $102 The price of Brent oil per barrel rose by 0.28%...
Oil prices fall to $102 as markets weigh supply signals amid China fuel export curbs
Oil prices edged lower on Friday after China restricted fuel exports, while reports that the U.S. is deploying additional military forces to the Middle East and pressing European countries to release emergency diesel stocks added to concerns over global fuel supplies. As of 4:05 GMT, Brent crude eased 26 cents, or 0.25 percent, to $102 […]
Perth: Oil prices rose slightly today Friday after China suspended fuel exports, while the Wall Street Journal reported that the United States was sending more troops and aircraft to the Middle East, at a time when it was also trying to pressure Europe to withdraw more diesel reserves.
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