Oil prices rise $3 as China suspends fuel exports
USO•Brent crude rose $3.02, or 3%, to $101.06 a barrel after Chinese refiners suspended oil product exports beyond Hong Kong and Macau until further notice. U.S. WTI gained $1.67, or 1.9%, to $92.09.
1. Prices rise after export halt
Brent crude rose on Thursday after Chinese refiners suspended oil product exports to regions beyond Hong Kong and Macau until further notice, four people briefed on the matter said. The December Brent contract traded at $101.06 a barrel, up 3%, or $3.02, while WTI was up 1.9% at $92.09.
2. Diesel supply tightens
A global diesel shortage fueled by the wars in Iran and Ukraine is unlikely to ease before next year, according to storage market indicators and industry participants. The Trump administration has urged Germany and France to draw down emergency diesel inventories to help ease global fuel prices or face a potential U.S. diesel export ban, three people close to the discussions said.
3. Other market developments
Asia's gasoline margin reached a record $50.53 a barrel over Brent, traders said. Goldman Sachs estimated Gulf oil exports, including dark exports, averaged 23.3 million barrels per day over the last week, in line with their 2025 average; two sources said OPEC+ is likely to keep November production targets steady.
