Oil rises slightly as market weighs mixed supply signals

Business Recorder reported that oil prices edged up on Friday after Beijing suspended fuel exports, while the Wall Street Journal said Washington is adding a further carrier and as many as 10,000 extra soldiers in the Middle East. Brent gained 29 cents, or 0.28 per cent, reaching $102.60 a barrel by 0022 GMT, and West Texas Intermediate added 27 cents to $93.14. Both benchmarks had surged on Thursday, when Brent jumped by more than $4.

Beijing has not cleared major refiners to export fuel beyond Hong Kong and Macau in October, and it is unclear whether approvals resume once the break ends on October 7. Separately, the Trump administration has pressed Germany and France to draw down emergency diesel stocks, or risk a possible US export ban, according to three people involved in talks. A Reuters source said Washington has asked the EU to free up 120 million barrels of diesel over six months.

KCM Trade analyst Tim Waterer said the market was weighing conflicting indicators with traders pausing after a volatile Thursday. Brent is on course for a weekly decline of 1.93 per cent after a 14 per cent gain in September, while WTI gained only 4 per cent last month. Reports also said President Donald Trump is weighing renewed strikes on Iran following the US midterm elections.