Oil dips as recovering Gulf exports ease supply fears, US-Iran diplomacy in focus
Oil prices fell 1% on Thursday 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 1.1% to $96.92 a barrel by 0420 GMT, and US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.