China told refiners to stop fuel exports in October, while Russia extended its diesel export ban by 30 days. Four people briefed on the matter reportedly told Reuters that Chinese refiners lack approval to ship fuel beyond Hong Kong and Macau. The fuel restrictions could raise prices and give the Federal Reserve more reason to increase interest rates on October 28. CME FedWatch data shows traders assign a 26% chance to a rate increase, down from 68.6% a week ago. Higher rates could strengthen the dollar and weigh on Bitcoin.
