Commodities
Crude Falls While Diesel Prices Surge Amid Trump's Export Ban Plan
Oil prices are experiencing mixed signals as crude falls while diesel prices surge due to US President Donald Trump's proposal to ban diesel exports.
The Brent crude futures price rose $1.15, or 1.16%, to $100.40 a barrel by 11:43 GMT on Wednesday. Meanwhile, the US West Texas Intermediate (WTI) crude futures price increased 35 cents, or 0.42%, to $90.90 a barrel.
However, diesel prices are moving sharply higher due to concerns that a ban on diesel exports could exacerbate global supply shortages and drive up fuel costs further.
Ole Hansen, head of commodity strategy at Saxo Bank, noted that Brent is being underpinned by surging gasoil prices amid renewed worries about the US introducing a diesel export ban.