Oil prices rise as China suspends fuel exports
USO•Brent rose 1.8% to $99.77 a barrel after Chinese refiners suspended oil product exports beyond Hong Kong and Macau until further notice. U.S. WTI gained 0.4% to $90.79.
1. China suspends exports
Chinese refiners have suspended oil product exports to regions beyond Hong Kong and Macau until further notice, four people briefed on the matter said. UBS analyst Giovanni Staunovo said the move suggests concerns about domestic product availability; he said it remains to be seen whether it will support higher crude imports.
2. Oil prices rebound
The December Brent contract traded at $99.77 per barrel at 1312 GMT, up 1.8%, while U.S. WTI was up 0.4% at $90.79. Prices had fallen more than 1% early in the session before rebounding.
3. Diesel supply pressures
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. 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.
