Oil Prices Slide as Exports Recover and US Inventories Fill Up

Oil prices dipped by 1% on October 1st as exports from the Gulf region began to recover and US inventories filled up, easing supply concerns. Brent crude futures fell 1.1% to $96.92 a barrel, while US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.

Brent had recorded a monthly gain of around 14% in September, its biggest since July, and WTI increased by about 5% on the month. The recent price drop indicates that oil markets are still grappling with the impact of recovering exports and rising US inventories.