Oil Prices Dip as Recovering Gulf Exports Ease Supply Concerns

Oil prices dipped by about 1% on Thursday as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns. Brent crude futures fell to $96.92 a barrel, while US West Texas Intermediate crude dropped to $89.18 a barrel.

The increase in US oil inventories, which rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, was higher than expected. This, combined with recovering Gulf exports, led to a decrease in supply concerns.

Saudi Arabia resumed oil tanker loadings from Yanbu after restarting operations on its East-West Pipeline. Goldman Sachs estimates that Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.