Key facts
- Brent crude was trading at $102.24 per barrel and WTI at $92.62.
- China decided to halt fuel exports this month.
- Reports indicated a rebound in oil flows out of the Persian Gulf.
- The U.S. is moving more troops and an aircraft carrier to the Middle East.
Crude oil prices were poised for a modest weekly decline as a rebound in oil exports from the Persian Gulf overshadowed news of increased U.S. military presence in the Middle East and China's decision to halt fuel exports for the month. Brent crude was trading at $102.24 per barrel, and West Texas Intermediate at $92.62.
Analysts noted a mixed set of signals influencing the market. Tim Waterer, chief analyst at KCM Trade, stated that a healthier Saudi export picture was being offset by reports of a U.S. aircraft carrier heading toward the Gulf and China's move to curb refined product exports.