Oil Prices Near Two-Week Lows Amid Improved Gulf Supplies

Oil prices remain near two-week lows as improved Gulf supplies weigh on the market. The Brent benchmark hit its lowest since September 8 at $97.36, while WTI touched its lowest since September 1 at $90.08.

The upward pressure on oil is tempered by concerns over a potential US diesel export ban, which could drive margins higher for refineries. President Donald Trump's backing of the idea has sent European low-sulphur gasoil's premium to Brent crude futures soaring to a record high of about $95 a barrel.

However, analysts have warned that such a measure would do little to ease high energy prices and could worsen supply and economic disruptions globally. US crude stocks rose by 1.8 million barrels in the week to September 18, adding to downward pressure on oil prices.