Oil Prices Slide as Gulf Exports Recover and US Inventories Rise

Global oil prices declined on Thursday, with Brent crude falling 1.1% to $96.92 a barrel and US West Texas Intermediate (WTI) crude dropping 1.4% to $89.18 a barrel.

The drop in prices came as improved oil shipments from Gulf countries and an unexpected increase in US crude inventories eased concerns over supply.

Data from the US Energy Information Administration showed that US crude inventories increased by 922,000 barrels to 427.3 million barrels in the week ended September 25, defying analysts' expectations of a decrease.

Gulf region oil exports also recovered to pre-pandemic levels, with Goldman Sachs estimating daily shipments at 23.3 million barrels over the past week.