Oil falls over $1 on easing geopolitical fears and oversupply worries
Oil prices fell more than $1 per barrel on Thursday as easing concerns over an escalation of conflict in the Middle East reduced the risk premium in crude markets, while rising OPEC+ output and growing US inventories fed worries about oversupply. Brent futures were down $1.47, or 1.58%, to $91.29 a barrel by 0426 GMT. US West Texas Intermediate crude futures slipped $1.24, or 1.43%, to $85.29. The declines reversed Wednesday’s gains, when Brent rose 1.4% and WTI added 0.6% after both benchmarks hit two-month lows the previous day.