Oil Prices Stabilize Amid Mixed Signals on Global Supply

Oil prices have stabilized slightly after a volatile Thursday, as market players weigh mixed signals on global supply. Brent crude rose by 29 cents to $102.60 per barrel, while West Texas Intermediate (WTI) increased by 27 cents to $93.14.

The stabilization comes despite ongoing concerns about fuel shortages worldwide. China's decision to halt refined product exports, including diesel and gasoline, has added to market worries.

According to Tim Waterer, chief analyst at KCM Trade, the market is taking a breather after Thursday's disruptions. He noted that a healthier Saudi export picture is being offset by reports of a US aircraft carrier heading towards the Gulf and China's decision to curb refined product exports.