Global oil prices faced a decline in today's trading (Thursday). The price of Brent crude futures dropped by 1.1% to $96.92 per barrel. West Texas Intermediate (WTI) crude oil in the U.S. also decreased by 1.4% to $89.18 per barrel.
Price Trend in September
The drop in oil prices comes after both price indices had increased by about one dollar in trading on Wednesday. Brent oil rose approximately 14% in September, marking the largest monthly increase for this index since July. Additionally, U.S. oil experienced about a 5% price increase this month.
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Factors Influencing Oil Prices
One of the factors putting pressure on oil prices is the reduction of concerns regarding supply in the Gulf region. Saudi Arabia has resumed loading oil tankers from the port of Yanbu, which has helped alleviate concerns about oil supply in the area. Meanwhile, the U.S. Energy Information Administration reported that crude oil inventories in the country increased by 922,000 barrels to 427.3 million barrels in the week ending September 25. This increase was recorded despite analysts expecting a decrease of 264,000 barrels in inventories.
OPEC+ Meeting and Its Impacts
In another part of the market, OPEC+ members are expected to maintain their current oil production targets for November during the meeting on Sunday. This decision could influence price trends in the global oil market. Overall, the oil market at the beginning of October is affected by two main factors; on one hand, reduced supply concerns and increased U.S. oil inventories are putting downward pressure on prices, while on the other hand, geopolitical developments continue to pose a significant risk to oil supply in the region.
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