WTI Crude Oil Surges on China Diesel Export Suspension
Crude oil prices have seen a slight increase in early trading on Thursday, driven by China's decision to suspend diesel exports. The move is expected to tighten supply further, contributing to the price rise.
The WTI crude oil market has gained around 1.5% during the session, with several factors at play. However, the suspension of Chinese diesel exports remains a key catalyst for the current upward trend.
Technically, the intraday action is bullish, with the market hovering around the $90 level and the 50-day EMA. A significant resistance barrier lies above at $95, while an uptrend line dating back to July also provides support.
The upcoming Non-Farm Payrolls announcement on Friday will have a substantial impact on interest rates, which in turn could affect crude oil prices. Additionally, concerns about the Middle East and the OPEC+ meeting on Sunday may introduce further volatility into the market.