Gulf Exports Rebound Drives Oil Prices Down

Oil prices dipped about 1% on Thursday as crude exports from the Gulf region began to recover, easing concerns over supply disruptions.

Brent crude futures fell 1.1% to $96.92 a barrel, while US West Texas Intermediate (WTI) declined 1.4% to $89.18, after both benchmarks had gained roughly $1 a barrel in the previous session.

Saudi Arabia's resumption of tanker loadings from the Red Sea port of Yanbu and the restart of its East-West Pipeline helped restore part of the Kingdom's export capacity.

The Energy Information Administration reported that commercial crude stocks increased by 922,000 barrels to 427.3 million barrels in the week ended September 25, exceeding expectations of a decline of 264,000 barrels.