Oil prices decline... Brent crude falls to $89.45 per barrel

Oil prices fell in Thursday trading, giving up part of earlier gains, as markets awaited developments in shipping activity along vital maritime corridors.

Brent crude futures dropped $1.29, or 1.42 percent, to $89.45 per barrel, while U.S. West Texas Intermediate crude fell 56 cents, or 0.66 percent, to $83.90 per barrel.

Preliminary data showed that 39 bulk cargo ships transited the Bab el-Mandeb Strait toward the Red Sea two days ago, the highest number since July 19, while only a few vessels passed through the Strait of Hormuz.