Oil Prices Decline Amid Gulf Export Recovery and Rising US Inventories

Oil prices declined by 1% on Thursday as crude exports from the Gulf region showed signs of recovery and US inventories rose, easing supply concerns. Brent crude futures fell to $96.92 a barrel and US West Texas Intermediate crude dropped to $89.18 a barrel.

Sugandha Sachdeva, founder of SS WealthStreet, said 'oil's near-term bias remains negative as recovering shipments from the Gulf region... ease supply concerns.' The recovery in exports was attributed to Saudi Arabia resuming oil tanker loadings from Yanbu after earlier restarting operations on its East-West Pipeline.

US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, exceeding expectations of a 264,000-barrel draw. The increase was seen as a relief for supply concerns.