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China Suspends Oil Product Exports, Sending Global Prices Soaring

Guavy AI Editorial Team
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Oil
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Oil prices surged more than $3 on Thursday after China suspended oil product exports, potentially tightening fuel markets already coping with global supply shortages.

The new front-month December Brent crude futures contract traded at $101.20 per barrel at 12:47 p.m. EDT (1647 GMT), up 3.2%, or $3.17, from Wednesday's close.

The suspension of oil product exports by Chinese refiners will further crimp war-constrained fuel markets, according to UBS analyst Giovanni Staunovo, who said the measures may support higher crude imports after recent drawdowns in Chinese crude and fuel stocks.

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