Dated Brent Tops $120 as China Cuts Fuel Exports — SkimNews
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- Dated Brent crude has moved above $120 per barrel, a level OilPrice.com characterizes as signaling a serious oil market squeeze
- Chinese refiners have suspended October fuel exports to bolster domestic stocks, per Reuters, while China has resumed broader export curbs and cancelled some fuel shipments, per the New York Times and other reporting
Why it matters: When the Dated Brent benchmark breaches $120 and the world's second-largest oil consumer simultaneously withdraws refined product from the global market, importers of diesel and gasoline face tighter supply and higher costs, while Chinese state refiners and domestic stockpiles are prioritized over export revenue.
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