Oil rises slightly as market weighs mixed supply signals
PERTH: Oil prices drifted slightly higher on Friday after China halted fuel exports, while the Wall Street Journal reported that the US is sending more troops and carriers to the Middle East as it also tries to make Europe draw down more emergency diesel. Brent was up 29 cents, or 0.28%, to $102.60 per barrel at 0022 GMT. West Texas Intermediate rose 27 cents, or 0.29%, to $93.14. On Thursday,…
Oil prices experienced a slight increase on Friday, following China's decision to halt fuel exports. Brent crude climbed 29 cents, or 0.28%, to $102.60 per barrel, while West Texas Intermediate rose 27 cents, or 0.29%, to $93.14. Earlier in the week, Brent had surged more than $4 and WTI over $2, after the Wall Street Journal reported that the United States was deploying additional troops and warships to the Middle East, and urging European nations to reduce their emergency diesel reserves.
Analysts noted that the market was evaluating a combination of conflicting indicators, including Saudi Arabia's promising export outlook and the US's potential resumption of strikes on Iran. The US administration has instructed Germany and France to draw down emergency diesel stocks, or risk facing a possible export ban.
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