Oil prices dip amid signs of recovering Middle East supply

Oil prices dipped on Thursday as traders weighed the signs of recovering Middle East crude flows against uncertainty over the sustainability of the improvement. Brent Oil Futures for December fell 0.8% to $97.24 per barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 1% to $89.50 a barrel. The front-month Brent contract settled at $103.50 in the previous session, having gained about 14% in September, its strongest monthly increase since July.

WTI rose about 5%. Recent data showed some recovery in Gulf exports, with Middle East crude exports reaching 16.328 million barrels per day in September, their highest level since the conflict began in February. However, the market remains sensitive to any renewed disruption, as regional flows are still below pre-conflict levels.

Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.