Oil prices slip as Gulf exports recover and US inventories rise
Brent crude fell 1.1% to USD 96.92 a barrel, while WTI dropped 1.4% to USD 89.18 as supply concerns eased and diplomatic efforts between the US and Iran resumed.
Oil prices fell about 1% on Thursday as recovering crude exports from the Gulf and an unexpected increase in US inventories eased concerns over supply disruptions, while markets monitored renewed US-Iran diplomatic efforts aimed at ending the conflict in the Middle East.
Brent crude futures fell 1.1% to USD 96.92 a barrel, while US West Texas Intermediate crude declined 1.4% to USD 89.18 a barrel.
Both benchmarks had gained about USD 1 a barrel on Wednesday. Despite Thursday's decline, Brent was on track for a monthly increase of roughly 14% in September, its strongest monthly gain since July. WTI was up about 5% for the month.
The retreat came as signs of recovering Gulf exports reduced some of the supply pressure that had pushed crude prices higher. A surprise rise in US crude inventories also weighed on prices.
Investors were also assessing renewed diplomatic contacts between Washington and Tehran, with any progress toward ending the conflict potentially reducing the risk of further disruption to oil flows from the region.
