West Asia Oil Supplies Soar, Crude Prices Slide

Crude oil prices fell on Thursday as market reports indicated that oil supplies from West Asia had reached their highest level since February, reaching 16.328 million barrels a day in September.

The improved supply led to a decrease in Brent oil futures by 1.07% to $96.98 and WTI crude oil futures by 1.39% to $89.16, according to market reports.

In the US, commercial crude oil inventories increased by 0.9 million barrels to 427.3 million barrels, which is 2% above the five-year average.