Supply concerns and price movements in the oil market

Global supply concerns and geopolitical developments in the oil market continue to have an impact on prices. News that the USA asked European countries to reduce their emergency diesel stocks also became the focus of the markets.

The barrel price of Brent oil increased by 0.28 percent to $102.60. The barrel price of US West Texas Intermediate crude oil (WTI) increased by 27 cents or 0.29 percent to $93.14.

Brent oil gained value over $4 and WTI over $2 on Thursday. News that the US is sending reinforcements to West Asia and China's restriction of fuel exports have increased concerns that the global fuel supply squeeze may deepen further.

Brent oil is preparing to end this week with a 1.93 percent decrease, after rising approximately 14 percent in September. WTI, on the other hand, gained approximately 4 percent in value last month.

KCM Trade Chief Analyst Tim Waterer said markets were evaluating "pretty complex signals" throughout the week. Waterer stated that investors acted more cautiously on Friday after the sharp rises on Thursday.

According to the analyst, Saudi Arabia's recovery in oil exports; It is offset by news of a new US aircraft carrier heading for the Gulf and China's decision to restrict exports of refined petroleum products.

News that China has imposed restrictions on liquid fuel exports also increased concerns in the oil market on Thursday.

Beijing restricted fuel exports in March after the US-Israeli war started against Iran, and relaxed these restrictions in July. China currently manages diesel, gasoline and jet fuel shipments on a monthly basis.

According to sources, China went on a one-week holiday on Thursday without approving major refineries for October exports to regions other than Hong Kong and Macau.

It remains unclear whether Beijing will allow refineries to export fuel again after the holiday that ends on October 7.

It has been reported that the US administration has asked Germany and France to reduce emergency diesel stocks in order to limit the rise in global fuel prices.

It was stated that Washington warned European countries that otherwise they may face a possible US diesel export ban. This development brought concerns about global diesel supply back to the agenda.