Oil Falls 1% as Gulf Crude Exports Recover

Oil prices fell 1% in early trading on Thursday as recovering crude exports from the Gulf helped ease concerns about supplies.

The rebound in shipments reduced some of the pressure on the market, where worries over crude availability had supported prices.

An unexpected increase in US oil inventories also weighed on trading, adding to signs of more comfortable supply conditions.

Together, the recovery in Gulf exports and the US stock build eased supply fears, pushing prices lower in the early session.