NewzOn Thursday, the price of Brent crude oil for December delivery surged by 4.37% in London futures trading, closing at $102.31 per barrel. The sharp increase was driven by news that China had cancelled the shipment of certain fuel cargoes, halting its petroleum exports.
The market rally occurred despite an increase in export volumes from the Middle East. Additionally, trading sessions were influenced by market anticipation surrounding a potential coordinated release of strategic petroleum reserves.
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