Oil Prices Stay Above $102 Amid Export Restrictions

On October 2, oil prices held steady above $102 a barrel, with Brent trading at $102.28 and US West Texas Intermediate at $92.68. This stability followed a significant increase on October 1, where Brent's December contract rose by $4.28 to close at $102.31.

Chinese refiners suspended fuel exports for October to locations outside Hong Kong and Macau, with PetroChina cancelling some petrol and jet-fuel cargoes. The resumption of export permissions remains uncertain after China's holiday ends on October 7.

Additionally, military developments in the Middle East, including the deployment of a US aircraft carrier and an increase of up to 10,000 troops, have raised concerns about energy supply disruptions. Despite these tensions, Saudi Arabia resumed tanker loadings at Yanbu after restarting its East-West Pipeline, indicating some recovery in physical shipments.