Oil prices rose slightly on Friday after China halted fuel exports, while reportedly the US is sending more troops and aircraft carriers to the Middle East; Brent gained 29 cents to $102.60 a barrel and WTI rose 27 cents to $93.14.
Brent rose 29 cents, or 0.28%, to $102.60 a barrel and West Texas Intermediate gained 27 cents, or 0.29%, to $93.14 at 0022 GMT on Friday. On Thursday, Brent closed more than $4 higher and WTI rose more than $2.
China did not give major refiners permission to export fuel to destinations other than Hong Kong and Macau in October, as it began a weeklong holiday. It was unclear whether export permissions would resume after the holiday ends on October 7. A source said the US asked the EU to release 120 million barrels of diesel over six months, while the administration has urged Germany and France to draw down emergency diesel inventories.
Brent was on track to lose 1.93% for the week after gaining 14% in September; WTI rose 4% last month. KCM Trade analyst Tim Waterer said traders were “simply taking a breather” after a disruptive Thursday.
