Oil rises on China’s export move

Brent crude gained 0.28% to $102.60 a barrel, while US West Texas Intermediate (WTI) rose 0.29% to $93.14. China’s decision not to approve new shipments of gasoline, diesel and jet fuel exports for October has fueled concerns that global fuel supplies could tighten further.

Oil prices were also supported by reports that the US is preparing to deploy a third aircraft carrier and up to 10,000 additional troops to the Middle East. Meanwhile, a recovery in Saudi Arabia’s oil exports helped limit the gains. After rising 14% in September, Brent crude is heading for a weekly loss of around 1.9%.