Oil supply has become a concern again after fresh restrictions on US military deployments and Chinese fuel exports to the Middle East. Crude oil has increased by 0.27 percent while WTI crude has increased by 0.10 percent. According to the sources, the US is again sending additional aircraft carriers and troops to the Middle East. China has restricted its fuel exports. Brent crude has declined. Donald Trump has weighed resuming strikes after the elections in the US.
Trump has said that either Iran will sign a fair deal or it won't exist. Another source of major concern is China restricting its fuel exports. Beijing is managing shipments of gasoline, jet fuel, and diesel, and major refiners are not getting export approvals to regions outside Macau and Hong Kong. It remains unclear whether Beijing will allow refiners to export fuel, and a weeklong holiday in China is underway.
US has asked France and Germany to decrease diesel inventories to ease fuel prices worldwide. The Middle East conflict continues, and oil markets remain volatile. Currently, oil prices are lower than the $216 per barrel seen in the past months.
|