Oil prices fell 1 per cent as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns, while investors weighed renewed US-Iran diplomatic efforts to end their conflict in the Middle East.
Brent crude futures fell 1.1pc to $96.92 a barrel by 0420 GMT, and US West Texas Intermediate crude dropped 1.4pc to $89.18 a barrel.
Both benchmarks rose about $1 a barrel on Wednesday. Brent recorded a monthly gain of around 14pc in September, its biggest since July, while WTI increased by about 5pc on the month.
“Oil’s near-term bias remains negative as recovering shipments from the Gulf region, resumed Saudi exports through Yanbu and a buildup in US inventories ease supply concerns,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
