Oil Prices Surge as China Suspends Fuel Exports Amid Global Supply Shortages

Oil prices rose by over 2% on Thursday after China suspended exports of oil products to regions beyond Hong Kong and Macau. This move comes as global fuel markets are already under pressure due to supply shortages.

The US West Texas Intermediate crude price increased by $2.06, or 2.28%, to $92.48 a barrel. The Brent crude futures contract for December traded at $100.09 per barrel, up 2.1% from Wednesday's close.

UBS analyst Giovanni Staunovo said that the Chinese export ban suggests concerns about domestic product availability and that it remains to be seen whether this will support higher crude imports after recent drawdowns in Chinese crude and fuel stocks.