Global crude oil prices jumped more than 1% today after reports that Chinese refineries suspended exports of refined oil products in October. As of 19:13 Thailand time, West Texas crude for November delivery rose 1.22 dollars, or 1.35%, to 91.64 dollars per barrel, while Brent crude for December delivery rose 1.90 dollars, or 1.94%, to 99.93 dollars per barrel. Four sources said China has ordered major domestic refining companies to halt exports of refined oil products to other regions in October, with the exception of Hong Kong and Macau, in order to preserve domestic oil reserves. This follows China's earlier restriction on fuel exports in March after the Iran war disrupted crude oil supplies from the Middle East, before it eased the measures in July and managed exports of diesel, gasoline and jet fuel on a monthly basis. Investors eased concerns about supply after Saudi Arabia resumed allowing oil tankers to collect oil at the port of Yanbu on the Red Sea and reopened the East-West pipeline, while continuing to closely monitor the Middle East after MS NOW reported that US Secretary of State Marco Rubio ordered the Iranian delegation to leave the United States after the conclusion of the United Nations General Assembly meeting.
China's halt of refined oil product exports in October supports Brent crude on tighter supply.
China ordering refineries to halt refined fuel exports in October tightens global oil product supply, lifting WTI crude.
