Oil prices climbing in global markets: Brent crude exceeds $102
While Brent crude rose to $102.60 per barrel due to supply concerns and China restricting fuel exports, stock moves between the US and Europe drew attention.
As upward movements continued in the oil market under the influence of global supply concerns and geopolitical developments, the barrel price of Brent crude rose to $102.60. China's export restrictions and the US request to reduce stocks from Europe increased tensions in the markets.
Latest Status on Brent and WTI Prices
The barrel price of Brent crude recorded an increase of 0.28 percent, reaching $102.60. Meanwhile, the barrel price of US West Texas Intermediate crude increased by 27 cents or 0.29 percent to the level of $93.14.
Supply Crunch Concerns in Markets
Reports that the US sent military reinforcements to West Asia and China's step to restrict fuel exports significantly heightened concerns that the tight squeeze in global fuel supply could deepen.
China's Restrictions on Fuel Exports
The Beijing administration entered a one-week holiday on Thursday without yet approving major refineries to export to regions outside Hong Kong and Macau in October. China's decisions on this matter are being closely monitored by the markets.
Emergency Stock Call from the US to Europe
It was reported that the US administration asked Germany and France to draw down their emergency diesel stocks in order to limit the rise in global fuel prices. The Washington administration warned that otherwise they could face a potential US diesel export ban.