Crude Oil Showing Another Significant Move To The Upside
(RTTNews) - Following the significant rebound seen in the previous session, the price of crude oil has shown another substantial move to the upside during trading on Thursday.
Crude oil for November delivery is spiking $2.53 or 2.8 percent to $92.95 barrel after jumping $1.04 or 1.2 percent to $90.42 a barrel during Wednesday's session.
With the surge seen over the past two days, the price of crude oil has more than offset the substantial downturn on Tuesday, turning positive for the week.
The continued increase by crude oil prices comes after a report from Reuters citing four people briefed on the matter said Chinese refiners have suspended oil product exports for October.
Reuters noted Beijing is looking to preserve domestic stocks, which it called a "move that will further crimp war-constrained fuel markets."
Crude oil prices saw further upside after a report from the Wall Street Journal said the U.S. is sending a third aircraft-carrier strike group and additional Marine Corps ships to the Middle East.
Citing U.S. officials, the WSJ said the ships, jet fighters, Marines and sailors will arrive in the region by the end of November, with President Donald Trump reportedly telling aides he expects to resume bombing Iran that same month.
