Oil Prices Tickle Higher Amid Mixed Signals from Global Sources
Oil prices ticked up on Friday as markets weighed mixed signals from various sources. The price of Brent crude rose by 29 cents to $102.60 per barrel, while West Texas Intermediate (WTI) increased by 27 cents to $93.14.
The increase came after China announced that it would halt fuel exports, adding to concerns about global fuel shortages. However, a healthier-looking Saudi export picture was offset by reports of the US sending more troops and carriers to the Middle East.
According to KCM Trade chief analyst Tim Waterer, 'the market is taking stock of a distinctly mixed set of signals this week.' The US is reportedly sending a third aircraft carrier and up to 10,000 more troops to the region as President Donald Trump weighs resuming strikes on Iran after the US midterm elections.
Trump stated that he has to make a decision about whether to sign a 'very fair deal' with Iran or take further action. China's decision to restrict fuel exports in March and its current management of diesel, gasoline, and jet fuel shipments are also contributing to market concerns.