China's Oil Products Export Ban Sends Brent Crude Futures Soaring

Brent crude futures rose by $3 on Thursday as China suspended oil products exports, potentially tightening fuel markets already coping with supply shortages globally.

The new front-month December Brent crude futures contract traded at $101.06 per barrel at 1052 a.m. ET or 1452 GMT, up 3%, or $3.02, from Wednesday’s close.

The US West Texas Intermediate crude futures were up $1.67, or 1.9%, at $92.09 a barrel, having traded close to $93 earlier in the session.

A Chinese refiners' decision to suspend exports of oil products to regions beyond Hong Kong and Macau until further notice will further crimp war-constrained fuel markets.

OPEC+ oil-producing countries are likely to keep their oil production targets steady for November, according to two sources with knowledge of the matter.