TOKYO: Global crude oil prices declined on Thursday, falling more than 1% as improved oil shipments from Gulf countries and an unexpected increase in US crude inventories eased concerns over supply.
According to the latest market data, Brent crude fell 1.1% to $96.92 a barrel by 0420 GMT, while US West Texas Intermediate (WTI) crude declined 1.4% to $89.18 a barrel.
On a monthly basis, September proved to be a strong month for Brent, with prices rising by around 14%. It marked the benchmark’s biggest monthly gain since July. WTI, meanwhile, recorded a gain of around 5% during September.
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. The increase came despite a Reuters poll in which analysts had expected inventories to fall by 264,000 barrels.
Meanwhile, Goldman Sachs estimated that daily oil exports from the Gulf region had recovered to 23.3 million barrels over the past week. The estimate also includes shipments involving oil tankers whose tracking transponders are switched off.
In a report released on Tuesday, Goldman Sachs said oil exports from the Gulf region doubled in September, while daily exports recorded last week were close to their 2025 average level.
