Oil broadly stable; Brent at $102.28 a barrel, WTI at $92.68
In short
Oil prices were broadly stable on Friday, with Brent dipping 3 cents, or 0.03 percent, to $102.28 a barrel at 0350 GMT, while West Texas Intermediate eased 19 cents, or 0.2 percent, to $92.68. Brent was headed for a weekly decline of about 2 percent, while WTI was set for a weekly gain of about 0.3 percent. Prices settled more than $4 higher in the previous session after Chinese refiners suspended oil product exports for October, WAM reported.
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Oil prices were broadly stable on Friday, with Brent dipping 3 cents, or 0.03 percent, to $102.28 a barrel at 0350 GMT after trading slightly higher in early Friday trade, the Emirates News Agency, WAM, reported. West Texas Intermediate eased 19 cents, or 0.2 percent, to $92.68 a barrel. [ 1 , 2 ]
The two contracts were set for opposite weekly moves. Brent was poised for a weekly decline of about 2 percent even though it closed more than $4 higher on Thursday, while WTI was headed for a weekly increase of about 0.3 percent. According to WAM, prices settled higher in the previous session after Chinese refiners suspended oil product exports for October. [ 1 , 2 ]
Aletihad carried the same WAM report under the same headline, with the same figures and the same explanation, and added no reporting of its own. Both reports were datelined Singapore. Neither document states why Chinese refiners suspended the exports for October, which refiners were involved, or whether the suspension continues beyond that month. [ 1 , 2 ]
Why it matters
Brent holding above $100 a barrel keeps the cost of crude in focus for importers and fuel buyers, and the two benchmarks were set for opposite weekly moves. The documents point to the suspension of Chinese refined product exports for October as the driver behind the previous session's gains, but they give no forecast or further explanation of the measure.
Key facts
- Brent dipped 3 cents, or 0.03 percent, to $102.28 a barrel at 0350 GMT, after trading slightly higher in early Friday trade. [ 1 , 2 ]
- West Texas Intermediate eased 19 cents, or 0.2 percent, to $92.68 a barrel. [ 1 , 2 ]
- Brent was poised for a weekly decline of about 2 percent, despite closing more than $4 higher on Thursday. [ 1 , 2 ]
- WTI was headed for a weekly increase of about 0.3 percent. [ 1 , 2 ]
- Prices settled higher in the previous session after Chinese refiners suspended oil product exports for October. [ 1 , 2 ]
- Both reports were datelined Singapore. [ 1 , 2 ]
Confirmed by several sources
- Brent fell 3 cents, or 0.03 percent, to $102.28 a barrel at 0350 GMT. [ 1 , 2 ]
- West Texas Intermediate eased 19 cents, or 0.2 percent, to $92.68 a barrel. [ 1 , 2 ]
- Brent was headed for a weekly decline of about 2 percent, while WTI was headed for a weekly increase of about 0.3 percent. [ 1 , 2 ]
- Prices settled higher in the previous session after Chinese refiners suspended oil product exports for October. [ 1 , 2 ]
Still unclear
- Why Chinese refiners suspended oil product exports for October, and which refiners are affected Both documents state the suspension as the reason for the previous session's price gains but give no cause, scope or list of companies.
- Whether the export suspension extends beyond October The documents refer only to October, with no indication of what happens afterwards.
- Any market forecast or analyst comment on where prices go next Neither document carries a forecast, analyst quote or outlook.