Oil Prices Fall Over 1% on Supply Relief Prospects and Higher Output

Oil prices declined on Thursday, with Brent falling $1.39, or 1.31%, to $104.67 per barrel and WTI dropping $1.02, or 1.07%, to $94.07 per barrel. Downward pressure followed reports that the U.S. is considering easing sanctions on shadow-fleet tankers carrying petroleum from Russia, Iran, and Venezuela to curb soaring maritime freight costs. Additional pressure stemmed from September supply increases, with Russian crude output up 65,000 bpd to 8.43 million bpd and Middle East Gulf exports rising 4.4 million bpd. Prices fell despite Strait of Hormuz shipping attacks and an 11.1 million-barrel U.S. crude inventory draw.