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Oil prices rose by about 2% on Thursday (1st), after China suspended exports of petroleum products, which could worsen tensions in fuel markets, which are already facing supply shortages globally. Investors continue to assess new diplomatic efforts to end the conflict between the United States (US) and Iran.
Today, the new Brent crude oil futures contract expiring in December was trading at US$100.09 per barrel, up 2.1%, or US$ 2.06, from Wednesday's close. The November contract expired on Wednesday, closing at US$103.50 per barrel, marking a monthly gain of about 14% in September for the nearest-term contract.
US West Texas Intermediate crude oil rose from US$ 2.06, or 2.28%, to US$ 92.48 per barrel.
Prices were volatile on Thursday, falling more than 1% at the start of trading before recovering.
Chinese refineries have suspended exports of petroleum products to regions beyond Hong Kong and Macau until further notice, experts familiar with the matter said — a move that will further restrict fuel markets already strained by the war.
“The Chinese export ban suggests concerns about the availability of products in the domestic market,” said UBS analyst Giovanni Staunovo, adding that it is not yet known whether the measures will sustain an increase in crude oil imports after recent reductions in Chinese crude oil and fuel inventories.
The global supply of diesel has become more restricted as a result of a drop in refining capacity due to attacks related to the wars in the Middle East and Ukraine, increasing pressure on governments to intervene in order to protect consumers.
The Trump administration instructed Germany and France to use emergency diesel stockpiles to help ease global fuel prices or face a possible U.S. diesel export ban, sources close to the discussions said.
