Oil prices fall over $1 as global supply rises

Oil prices fell on Wednesday as more supplies flowed through key maritime routes, though they remain on track for a significant monthly gain of nearly one-fifth.

Brent crude futures dropped by $1.03, or 1.2%, to $88 a barrel. US West Texas Intermediate crude fell $1.50, or 1.8%, to $82.09 a barrel.

Despite the recent decline, both benchmarks are expected to post monthly gains of around 20%.