2023.09.2809:53:00UTC+00Oil Prices Reverse Early Gains In Choppy Trade

Oil prices fell on profit booking Thursday after reaching their highest in more than a year on data showing a surprise drop in crude inventories.

Brent crude futures dropped 0.4 percent to $93.98 per barrel, while WTI crude futures were down 0.1 percent at $93.59.

Traders looked to book profits at higher levels after the recent surge in prices on signs of tight supply.

A stronger dollar amid persistent fears of higher U.S. interest rates and concerns over China's beleaguered property market also weighed on prices.

West Texas Intermediate oil hit $95 a barrel for the first time since August 2022 in early Asian trade after data from the U.S. Energy Information Administration showed crude stocks at a key storage hub fell to their lowest since July last year and close to operational minimums.

Crude stockpiles fell more than expected, adding to signs of tight supply due to cuts from Saudi Arabia and Russia.

The EIA report revealed that crude inventories in the U.S. fell by 2.169 million barrels during the week ended September 22 versus expectations for a 0.9-million-barrel increase.