Crude oil prices surged to nearly $91.50 following reports that Chinese refiners have ceased exporting fuel. This development reversed an early decline in prices, according to FX Street.
The move by Chinese refiners to stop selling fuel abroad has tightened supply expectations in the global oil market, contributing to the recent price rally observed on Thursday.
For Japanese investors, this shift is significant as Japan remains highly dependent on imported crude oil, and fluctuations in global supply from major players like China can impact energy costs and market sentiment locally.