Oil prices fell by more than $1 a barrel on Thursday as concerns over a wider Middle East conflict eased and higher supply increased pressure on the market.
By 0426 GMT, Brent crude had fallen 1.58% to $91.29 a barrel, while US West Texas Intermediate crude was down 1.43% at $85.29.
Higher OPEC+ production and rising US crude inventories have contributed to the decline. Data from the American Petroleum Institute indicated that US crude inventories had increased by about nine million barrels.
Markets have also been influenced by diplomatic efforts to reduce tensions between Russia and Ukraine and expectations that the Iran conflict may not escalate further. However, risks to shipping through the Strait of Hormuz remain a major concern for oil markets.
