Oil prices edge higher as China move, US buildup rattle markets
China fuel restrictions add pressure
Brent crude rose 29 cents, or 0.28%, to $102.60 a barrel, while US West Texas Intermediate (WTI) gained 27 cents, or 0.29%, to $93.14, according to Reuters.
The modest gains came after a sharp rally on Thursday. Brent had jumped more than $4, while WTI climbed more than $2 as traders reacted to concerns over global fuel supplies.
China has suspended exports of refined oil products, including diesel, gasoline and jet fuel, to destinations beyond Hong Kong and Macau. The move is aimed at prioritising domestic energy needs and has raised concerns about tighter supplies in international markets.
US military buildup raises uncertainty
Market concerns were also heightened by reports that the United States is deploying a third aircraft carrier and thousands of additional troops to the Middle East as tensions with Iran remain high.
US President Donald Trump has indicated that he is considering his options regarding Iran, adding another source of uncertainty for energy markets.
Analysts said traders are now weighing opposing signals. Improving Saudi oil exports could ease supply concerns, while China’s fuel restrictions and increased US military presence could keep market risks elevated.
Brent remains on track for a weekly decline of around 1.93%, despite gaining about 14% in September. WTI, meanwhile, rose roughly 4% last month.
