China Halt on Fuel Exports Sends Crude Oil Prices Soaring

Crude Oil prices have surged to near $91.50 after China's refiners halted fuel exports, except for Hong Kong and Macau.

This decision has led to a shortage of diesel, gasoline, and jet fuel in the Asian market, causing prices to skyrocket.

The US also has its own share of issues with fuel supplies, as distillate inventories are 14% below their five-year average.

In fact, a ban on US diesel exports could cut domestic refinery runs by up to 12%, according to estimates.