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Oil Stays Above $100 as Chinese Fuel Export Halts Balance Middle East Outflows

Crude oil benchmarks remained above $100 per barrel as market participants balanced Chinese fuel export curbs against rebounding Middle Eastern crude shipments. Brent crude reached $102.60 per barrel and WTI stood at $93.14 per barrel following Chinese refiners suspending refined fuel exports beyond Hong Kong and Macau. Meanwhile, Middle East crude exports recovered to 17.5 million barrels per day following the restart of Saudi Arabia's East-West Pipeline.

Published Source: Business Today

Crude oil benchmarks held steady above $100 per barrel as market participants balanced Chinese fuel export halts against improving Middle Eastern crude outflows, Business Today reported. Brent crude rose to $102.60 a barrel, while West Texas Intermediate stood at $93.14 a barrel.

The price movements followed decisions by Chinese refiners curbing refined product exports to preserve domestic energy security. Gulf News reported that Chinese refiners suspended refined-product exports beyond Hong Kong and Macau until further notice, keeping global refined product markets tight and pushing Brent futures above the $100 mark.

On the supply side, analysts cited by Business Today noted that improved tanker loading volumes out of Saudi Arabia helped provide crude supply. Middle East crude exports rebounded to 17.5 million barrels per day following the restart of Saudi Arabia's East-West Pipeline, according to Gulf News.

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