Oil Prices Steady as Gulf Exports Recover and US Inventories Rise
Oil prices stabilized on Thursday as Gulf crude exports recovered and US inventories rose. Brent crude futures were up 0.6% to $98.67 a barrel, while US West Texas Intermediate (WTI) crude rose 0.5% to $90.09 a barrel.
The increase in WTI was its biggest since July, with Brent recording a monthly gain of around 14% in September. However, oil's near-term bias remains negative as recovering shipments from the Gulf region ease supply concerns, according to Sugandha Sachdeva, founder of SS WealthStreet.
The US Energy Information Administration reported that crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25. This is contrary to expectations in a Reuters poll for a 264,000-barrel draw.
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. Meanwhile, OPEC+ countries are likely to keep their oil production targets steady for November when they meet on Sunday.