Oil Prices Rebound on China Export Suspension, US-Iran Diplomacy in Focus
Oil prices rebounded around 2% on Thursday after China suspended oil products exports, further tightening fuel markets already struggling with supply shortages globally. The US-Iran diplomatic efforts remain in focus as investors continue to assess renewed attempts to end the conflict.
The new front-month December Brent crude futures contract traded at $100.09 per barrel at 0829 GMT, up 2.1%, or $2.06, from Wednesday's close. US West Texas Intermediate crude was up $2.06, or 2.28%, to $92.48 a barrel.
Chinese refiners have suspended exports of oil products to regions beyond Hong Kong and Macau until further notice, a move that will crimp war-constrained fuel markets even further. UBS analyst Giovanni Staunovo said the Chinese export ban suggests concerns about domestic product availability.