Oil prices hold near flat after Brent's 14% September gain

  • Brent and WTI traded nearly flat after Wednesday's gains.
  • Brent gained 14% in September, while WTI rose about 5%.
  • US crude inventories rose 922,000 barrels to 427.3 million for the week ended September 25.

Oil prices were nearly unchanged in early Asian trading on Thursday after rising about $1 a barrel the previous day. Brent crude futures gained 12 cents, or 0.1%, to $98.15 a barrel by 0045 GMT, while West Texas Intermediate crude fell 7 cents, or 0.1%, to $90.35. Brent rose around 14% in September, its strongest monthly gain since July, while WTI advanced about 5%. Investors balanced supply concerns linked to stalled US-Iran peace talks against signs that Middle Eastern exports were recovering. Saudi Arabia's resumption of tanker loadings from Yanbu and higher Gulf exports added selling pressure. US crude inventories unexpectedly rose by 922,000 barrels to 427.3 million in the week ended September 25, although fuel inventories fell sharply on strong seasonal and global demand.

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