Crude Oil Rallies on China Diesel Export Suspension, Eyes $95 Target

The crude oil market is experiencing a rally due to China's likely suspension of diesel exports. This development has tightened supply, contributing to the intraday action being technically bullish.

The WTI crude oil market has risen by approximately 1.5% during Thursday's trading session. However, recovering shipments from the Persian Gulf and refineries struggling with adequate crude supplies may limit the upside potential.

A significant resistance barrier is the $95 level, while an uptrend line dating back to July's beginning serves as a key support. The upcoming Non-Farm Payrolls announcement on Friday will likely have a considerable impact on interest rates, and any surprise in OPEC+ meeting output targets could be a major market mover.