Oil dips as recovering Gulf exports ease supply fears
- On Thursday, Brent crude futures fell 1.1% to $96.92 a barrel, while West Texas Intermediate dropped 1.4% to $89.18 as recovering Gulf exports and rising US inventories eased supply concerns.
- Saudi Arabia resumed tanker loadings from its Red Sea port of Yanbu after restarting the East-West Pipeline, helping Gulf oil exports recover to 23.3 million barrels per day.
- The Energy Information Administration reported US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, defying expectations for a 264,000-barrel draw.
- Sugandha Sachdeva, founder of WealthStreet, noted that renewed US-Iran diplomatic engagement could reduce the geopolitical risk premium, though a breakthrough remains uncertain.
- Ahead of Sunday's OPEC+ meeting where production targets will likely remain steady, Brent crude finished September with a gain of approximately 14 percent, its strongest monthly advance since July.
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Oil Prices Fall as Gulf Exports Recover and U.S. Inventories Rise
Oil prices fell about 1% on Thursday as recovering crude exports from the Gulf region and an unexpected increase in U.S. inventories eased concerns about supply shortages, while investors monitored renewed diplomatic efforts between the United States and Iran aimed at ending their conflict in the Middle East.
Oil dips as recovering Gulf exports ease supply fears
Oil prices fell 1% today as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns, while investors weighed renewed US-Iran diplomatic efforts to end their conflict in the Middle East.
aljazeera.net
القدس العربيOil prices fell 1% in early dealings today Thursday, as the recovery of crude oil exports from the Gulf and the sudden increase in United States stocks helped to alleviate concerns about supplies.
Oil fell by 1% - which forecast <p>Brent prices fell to $96.92, WTI - to $89.18 per barrel. Exports from the Persian Gulf are rebounding and U.S. stocks are up.</p>
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