Brent Holds Above $102 as Gulf Export Rebound Offsets U.S. Military Moves

Crude oil prices are set for a modest weekly decline today, as reports of a strong rebound in oil flows out of the Persian Gulf trumped news of more U.S. troops moving to the Middle East and China’s Thursday decision to halt fuel exports this month. At the time of writing, Brent crude was trading at $102.24 per barrel and West Texas Intermediate was trading at $92.62. Both benchmarks posted strong gains in September and while the start to October has been lower, if hostilities in the Persian Gulf escalate again, the upward potential will…