Oil Prices Tumble on Recovering Gulf Exports and Rising US Inventories

Oil prices dipped on Thursday as recovering exports from the Gulf region and rising US inventories eased supply concerns. Brent crude futures fell by 1.1% to $96.92 a barrel, while US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.

The drop in oil prices comes after both benchmarks rose about $1 a barrel on Wednesday. Brent recorded its biggest monthly gain since July, increasing by around 14% in September, while WTI increased by about 5% on the month.

Saudi Arabia's resumption of oil tanker loadings from Yanbu and the recovery of Gulf oil exports to pre-pandemic levels have also contributed to the decline in oil prices. The Energy Information Administration reported a rise in US crude inventories, which added to the downward pressure on prices.